Industrial production in the first three quarters of the financial year (April-December) also remained low at 3.5 per cent compared to 6.7 per cent during the corresponding period last year, according to the latest index of industrial production (IIP) released by the Central Statistical Organisation (CSO) today.

The IIP (base: 1993-94=100) had recorded a growth of 3.8 per cent in November this year. The manufacturing sector, which accounts for almost four fifth of the total weight in IIP, grew at 3.1 per cent in December 1998 compared to 7.6 per cent in December 1997.

The sector registered a cumulative growth of 3.7 per cent during April-December compared to 6.9 per cent during the same period last year. The growth so far in the manufacturing sector is in sharp contrast to the forecast of 5.7 per cent growth for thesector for the fiscal 1998-99 in the advance estimates released by CSO yesterday.

The mining sector continued to record a negative growth for the fourth successive month in December at 1.6 per cent as against 7.5 per cent a year ago. Only the electricity sector registered a robust growth during December at 8.1 per cent compared to 3.1 per cent in December 1997.

The improved performance of the electricity sector also had its effect on the cumulative growth in the sector so far in the year, which rose from 6.2 per cent in April-November to 6.6 per cent in April-December.

On the use-based front, capital goods sector recorded a 4.0 per cent growth in December 1998, the same as in December 1997. However, cumulative growth in the sector during the year so far was way higher at 9.8 per cent compared to 6.7 per cent last year.

The basic goods sector grew at 1.2 per cent during the month as against 6.0 per cent a year ago. The cumulative growth in the sector recorded a growth of 1.4 per cent as against 6.8 percent last year.

Growth in intermediate goods turned subdued during the month at 2.5 per cent compared to 10.3 per cent a year ago. The sector grew at 4.7 per cent in the first nine months of the year compared to 9.0 per cent.

Consumer goods sector recorded a growth of 5.7 per cent compared in December compared to 6.5 per cent a year ago. The growth in the sector during the year so far stood at 2.8 per cent as against 4.6 per cent.

Among consumer goods, consumer non-durables grew at 7.3 per cent during the month compared to 6.9 per cent a year ago. However, consumer durables continued to register negative growth at 0.2 per cent during December. The sector had grown at 5.1 per cent a year ago. Cumulative growth in consumer non-durables and durables sector so far in the year stood at 3.0 per cent and 2.3 per cent respectively.