“The minister will hold government-industry consultation on the issue on Dec 19, after his return from the WTO ministerial meeting,” the ministry of commerce and industry said in a statement.

The ministerial meeting of the World Trade Organisation (WTO) is scheduled to be held in Geneva Dec 15-17.

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Industrial output growth has declined in the last few months and slumped into negative territory in October.

Factory output, measured in terms of the Index of Industrial Production (IIP), slumped to minus 5.1 per cent in October this year, compared to 11.3 per cent growth registered during the corresponding month of last year.

Sharma expressed 'deep concern over the sharp decline in industrial production, particularly in the fall of manufacturing which are engaging the government's attention at the highest level'.

The output of the manufacturing sector, which constitutes over 75 per cent of the IIP index, declined by six per cent in October, as against a growth of 12.3 per cent registered during the corresponding month of 2010.

India Inc has blamed policy paralysis and rising cost of capital for deceleration in industrial and overall economic growth. The Reserve Bank of India has hiked key policy rates 13 times since the beginning of 2010 to curb stubborn inflation.