Core Indian industrial sectors continue to look up

Friday, 13 September 2002, 19:30 IST
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NEW DELHI: Indian industry continues to look up, recording 4.7 percent growth during April-July against 2.3 percent in the corresponding period last year. Leading the way was the mining sector, followed by the manufacturing and electricity sectors. The mining sector has been performing well in the last few months, with a growth of 8.4 percent during April-July as against a dip of 1.8 percent in the same period last year, according to figures released Thursday by the Central Statistical Organization (CSO). During July, the mining sector recorded a 12.5 percent jump, reversing the drop of 2.6 percent during the same month last year. The manufacturing sector grew 5.7 percent compared to 2.9 percent in July 2001 and the electricity sector 6.2 percent as against 4.7 percent. Overall, performance in July has maintained India's hope of being on the path of economic recovery with 6.4 percent growth, as against 2.6 percent in July 2001. The cumulative growth in the three sectors during the first four months of the 2002-03 fiscal over the corresponding period of 2001 has been 8.4 percent in mining and 4.3 percent in both manufacturing and electricity. Among manufacturing industries, textile products (including apparel) have shown the highest growth of 30.3 percent in July, followed by 17.0 percent in jute and other vegetable fiber textiles (except cotton) and 15.8 percent in transport equipment and parts. On the other hand, wood and wood products, furniture and fixtures have shown a negative growth of 23.0 percent followed by a decline of 9.4 percent in wool, silk and man-made fiber textiles and 6.6 percent in leather and products made of leather and fur. As per use-based classification, the growth of basic goods is 7.1 percent in July this year compared to the previous year, 9.7 percent in capital goods and 2.3 percent in intermediate goods. While consumer durables showed a negative growth of 7.6 percent and consumer non-durables recorded 15.6 percent rise, with the overall growth in consumer goods being 8.5 percent.
Source: IANS
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