June 12, 2007
India's Industrial
Output Up 13.6 % in April By Steven Baker
New Delhi
India's industrial output was up 13.6 percent in April over the same
month last year, thanks to a robust 15.1 percent growth in the
manufacturing sub-sector, official data released Tuesday said,
drawing applause from India Inc.
While the output of the mining sub-sector was up 3.4 percent during
the month under review, that of electricity expanded by 8.7 percent,
as per the quick estimates of the Index of Industrial Production of
the Central Statistical Organisation.
"The revised annual growth for the period April-March 2006-07 now
stands at 11.5 percent over the corresponding period of the pervious
year," the organisation said in a statement.
India Inc was pleased with the performance with leading chambers
saying the growth rates of manufacturing and electricity sectors
during the last fiscal were beyond their expectations and were the
main contributors to the strong overall economic growth of 9.4
percent.
The Confederation of Indian Industry (CII) however said the slowdown
in some sectors could have been the result of recent monetary
tightening measures of the Reserve Bank of India (RBI).
"While Industrial Production in April 2007 has generally shown an
upward trend and has registered a growth higher than the
corresponding period last year, the decline in growth of consumer
durables, basic goods and capital goods is a slight cause for
concern," the chamber said.
In a similar vein, the Associated Chambers of Commerce and Industry
of India (Assocham) said the interest rate hike and double excise
tax on some items had also restricted the growth to six key sectors
of Indian industry.
"But increased investments, particularly by private equity holders
as well as venture capitalists, in the recent months will show their
impact in next few months," said chamber president Venugopal N.
Dhoot.
The data released Tuesday showed that as many as 16 out of the 17
industry groups showed positive growth during April, with wood,
furniture and fixtures logging the highest growth of 92.2 percent,
followed by 55 percent for food products.
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