New Delhi, Jan 12 (Inditop.com) Helped by sustained domestic demand, India’s industrial production grew at a better-than-expected 11.7 percent in November compared to 2.5 percent in the corresponding month last year, as per official figures released Tuesday.
Total growth of industrial production during the first eight months this fiscal stood at 7.6 percent, as against 4.1 percent during the like period last year, data released by the Central Statistical Organisation showed.
Manufacturing, the major constituent of the index, was up 12.7 percent in November, as against 2.7 percent in the like month last year, while mining and power generation grew 10 percent and 3.3 percent, respectively, in the period under review.
The consumer durables sector expanded 37.3 percent, the data showed.
“In terms of industries, as many as 14 out of the 17 industry groups have shown positive growth during the month of November 2009 as compared to the corresponding month of the previous year,” the government said in a statement.
Commerce and Industry Minister Anand Sharma said he hoped the industrial output would grow higher in the coming months, adding: “It is sustainable.”
Planning Commission Deputy Chairman Montek Singh Ahluwalia said India’s industrial growth this financial year would be higher than the 2.6 percent recorded last fiscal.
Ahluwalia also said he was hopeful of a good rabi (winter crop) harvest which would help bring down inflation.
Harsh Pati Singhania, president of the Federation of Indian Chambers of Commerce and Industry (FICCI), said the pattern of growth indicated the positive result of stimulus packages.
“A sudden withdrawal of stimulus will surely break this growth spell and should certainly be avoided,” the FICCI chief said.
“Both intermediate and capital goods sub-sectors have grown by a robust 19.4 percent and 12.2 percent, respectively. The growth in consumer durables is particularly strong at 37.3 percent but comes from a low base. All these sectors are very sensitive to interest rates,” he added.
