The previous fiscal year posed several challenges and proved to be a period of slowest growth in recent times. Manufacturing and industrial activity remained sluggish for the entire year as demand tapered off leading to low capacity utilization and slowdown. Continued uncertainty in the environment stemming from near absence of action on policy front, persistent inflationary pressures, resultant high interest rates and absence of resolution on key issues in several core sectors stunted investment and growth prospects across sectors.

''The manufacturing sector is one of the key drivers of the Indian economy and it is therefore critical that focused attention be given for stimulation of India’s manufacturing growth,'' said Shishir Joshipura, managing director & country head, SKF India.

Shishir Joshipura further said, ''We eagerly look forward to formulation and implementation of stable policies along with a clearer and transparent tax regime. These measures will create a conducive climate for investment and steer growth. We are hopeful for a favorable outcome on these lines from the forthcoming budget.''

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