New Delhi: Assochem expressing its concern over prevailing economic situation has stated that country's faltering growth coupled with Inflation can lead it to a similar crisis situation faced by it in 1991.
In its paper, Assochem, said that with public finances remaining in great stress, the Central Government fiscal deficit may even go to touch 6.1 per cent of GDP in the current financial year 2012-13.
It has stated that country has the least room for counter- cyclical fiscal policy response if anything affects global markets.
It said faltering growth, unresponsive skewed inflation, continued turbulence in the global economic conditions and widening infrastructure deficiencies are challenging India's growth story.
"If appropriate action is not taken in time, we are likely to be in a worse situation than in 1991 for several reasons," chamber stated.