NEW DELHI: After turning negative for the first time in 15 years in October 2008, industrial growth turned positive again, clocking 2.4% in
November, despite the continuing global crisis, prompting analysts to say that "the worst is over" on the industrial front.
Industrial production, however, lagged behind the 4.9% recorded in the same month last year, but was encouraging in the context of poor infrastructure growth and the dismal performance of exports and the auto sector in November.
Manufacturing, having a weight of around 80% in the Index of Industrial Production (IIP), grew by 2.4% in November against 4.7% a year ago.
Industrial production figures were revised up to (-)0.3% for October from (-)0.4% estimated earlier. Industrial production had contracted in October, for the first time in 15 years.
Commenting on the industrial growth numbers, the Prime Minister's Economic Advisory Council Chairman, Suresh Tendulkar, said, "The numbers are above my expectations and in the coming days, I expect (them) to improve more."
He said a bulk of the rural market has not been affected by the global crisis and it was only the urban population that was not spending.
For the first eight months of this fiscal, industrial production grew by 3.9% against 9.2% in the year-ago period.
Industrial production numbers were quite substantial as six infrastructure industries, which comprise more than one-fourth of the industrial data, could manage to grow only by 2.2% in November from 3.4% in October.
Source: http://timesofindia.indiatimes.com/Business/Industrial_growth_recovers_in_Nov_at_24/articleshow/3967415.cms
November, despite the continuing global crisis, prompting analysts to say that "the worst is over" on the industrial front.
Industrial production, however, lagged behind the 4.9% recorded in the same month last year, but was encouraging in the context of poor infrastructure growth and the dismal performance of exports and the auto sector in November.
Manufacturing, having a weight of around 80% in the Index of Industrial Production (IIP), grew by 2.4% in November against 4.7% a year ago.
Industrial production figures were revised up to (-)0.3% for October from (-)0.4% estimated earlier. Industrial production had contracted in October, for the first time in 15 years.
Commenting on the industrial growth numbers, the Prime Minister's Economic Advisory Council Chairman, Suresh Tendulkar, said, "The numbers are above my expectations and in the coming days, I expect (them) to improve more."
He said a bulk of the rural market has not been affected by the global crisis and it was only the urban population that was not spending.
For the first eight months of this fiscal, industrial production grew by 3.9% against 9.2% in the year-ago period.
Industrial production numbers were quite substantial as six infrastructure industries, which comprise more than one-fourth of the industrial data, could manage to grow only by 2.2% in November from 3.4% in October.
Source: http://timesofindia.indiatimes.com/Business/Industrial_growth_recovers_in_Nov_at_24/articleshow/3967415.cms
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