Manufacturing sector powers industrial revival in Nov
PRESS TRUST OF INDIA
NEW DELHI, January 20: Engined by a revival in the manufacturing sector, industrial growth improved further in November to 6.1 per cent compared to 3.3 per cent achieved in the previous month.However, the industrial growth for April-November remained static at 5 per cent as in the first seven-month of the fiscal, according to quick estimates of the Index of Industrial Production (IIP) released by the Central Statistical Organisation (CSO) here on Tuesday. Compared to the 5 per cent overall growth this year, the growth in IIP (base: 1980-81=100) during the first eight-month last year was 9.2 per cent. The manufacturing sector, which has a weightage of 77.11 per cent in IIP, showed remarkable improvement in November, growing at 7.4 per cent compared to 3 per cent in October and 3.7 per cent in November last year. The cumulative growth in the sector improved slightly to 4.8 per cent during April-November compared to 4.7 per cent in the first seven months of 1997-98. However, this was way below 12.2 per
cent growth achieved during April-November last year. Growth in electricity showed continued signs of slowing down after a robust growth in the initial months, with the sector growing at 2.8 per cent in November compared to 9.3 per cent and 5.1 per cent in September and October, respectively. The slowdown continued in the mining industry also, with the sector growing at 4.6 per cent during April-November compared to 5.3 in the first seven months of the year. During November, mining sector grew at a paltry 0.6 per cent compared to 3.4 per cent in the same period last year. However, the cumulative growth in mining sector during April-November was higher than the growth of 1.9 per cent in the same period last year. As per use-based classification, the capital goods sector came out of deceleration in November to grow at 1.1 per cent. The sector had returned a negative growth of 8.3 per cent in the previous month. The cumulative growth of capital goods sector during April-November was 1.1 per cent
compared to 10.0 per cent last year. The consumer durables sector also showed considerable improvement during November, growing at 21.5 per cent compared to a negative growth of 8.7 per cent in the month last year. The sector grew at 9.3 per cent during the first eight months compared to 8.9 per cent during the same period last year and 8.2 per cent achieved in April-October.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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