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Manufacturing to push IIP growth to 7.5%: CMIE
By agencies
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Tuesday, 10 May 2005, 19:30 IST
MUMBAI: Driven by a surge in manufacturing sector, the Index of Industrial Production is estimated to grow at 7.5 percent in the current fiscal, according to Center for Monitoring Indian Economy.
The manufacturing sector is expected to grow at eight percent in 2005-06. Within this sector, growth of chemicals and chemical products segment is pegged at nine percent, while index for machinery and equipment would go up by an impressive 12 percent, CMIE said in its monthly economic review.
Food products, rubber, plastics, petroleum and coal products, non-metallic mineral products are among the major manufacturing industries whose performance would see a significant improvement in 2005-06, the review said.
CMIE said textile industry is expected to continue its buoyant performance, with cotton textile index growing at 10 percent. Wool, silk, manmade fiber textiles index is likely to show a 6.8 percent upward growth.
The IIP growth remained robust at 8.1 percent in April-February 2004-05, compared to 6.9 percent in the same period of 2003-04, it added.
On the farm sector, CMIE said the prospects for realizing 9.5 percent increase in kharif food grain production have brightened due to probability of normal monsoon and hike in minimum support price announced before the onset of sowing.
Agricultural and allied sector is likely to grow at 3.1 percent in FY-06 against 1.1 percent in 2004-05, it added.