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Industrial production up 7.4%
By siliconindia
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Wednesday, 14 January 2004, 20:30 IST
NEW DELHI: Reinforcing the perception that the good news on the growth front is unlikely to abate after the second quarters scintillating 8.4% growth, industrial production grew 7.4% in November 03, aided by a near doubling of the growth rate for the manufacturing sector. This is the highest year-on-year growth seen in any month of fiscal 03-04. The previous high in the current fiscal was seen in September 03, when the index of industrial production (IIP) recorded a 7.1% growth.
Manufacturing sector recorded an 8.1% growth in November 03, up from 4.3% in the corresponding period of 02 when the index had registered a 4.1% growth. Fresh investments saw capital goods register the highest year-on-year growth for the current fiscal in November. The festival and marriage season demand saw consumer durables record the highest year-on-year growth in the month under review.
Capital goods recorded a 12.1% growth in November 03, compared to 10% in same month of 02, while consumer durables registered a scorching 14.1% growth after declining 1.4% in November 02. At the two-digit level, transport equipment and parts grew 19.9%, while machinery and equipment other than transport equipment grew 9.5%. Basic metal and alloy industries grew 9.7% in the month under review.
According to data released by the Central Statistical Organisation on Monday, mining output grew 4.1% during the month, against 3.7% in November 02, while electricity generation was up 4.3% from 3.5%. As per the use-based classification, basic goods grew 5.3% in November 03, up from 3.4%, while intermediate goods recorded an 8.9% growth compared to 4% in the corresponding month in 02.
Consumer goods grew 6.9% in November 03 from 3.5%, while the growth of consumer non-durables was at 4.7% compared to 5.2% in the same month of 02. Beverages and tobacco declined 5.6% in November 03, while paper and paper products, printing, publishing and allied industries grew 24.3%; and basic chemicals and chemical products grew 15.1%.