There is an expectation that the monetary policy would get stricter in the upcoming review. The industry has however cautioned the banking regulator, Reserve Bank of India that any further increase in rates might hurt the pace of industrial growth.

"An anti-inflationary monetary package that does not take into consideration the issues of commodity price rise, potential fuel price increase, and the signs of slowing down of the consumer goods sector will impact the growth momentum," FICCI said.

The WPI inflation has taken a rise to 10.55% as per June results as compared to 10.16% in May.

"The anti-inflationary measures adopted by the Reserve Bank are expected to result in lending rates rising further," industry body ASSOCHAM said.

"This dual impact is bound to have negative implications on the profitability of private corporates. Coupled with a fall in the private final consumption expenditure, businesses will not be able to meet higher operational costs through proportionate adjustment of their sale prices," ASSOCHAM said.