Manufacturing sector posts 14 percent growth

Wednesday, 16 May 2007, 07:00 Hrs
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New Delhi: India's manufacturing sector registered the highest growth in over a decade at 14.1 percent in March 2007, up from 10.1 percent in the same month of the previous year, the commerce and industry ministry said Tuesday.

The growth rate of the sector has doubled since 2002-03 from six percent to 12.3 percent in 2006-07.

"This augurs well for the 11th Plan (2007-2012), which envisages a growth of 12 percent for the manufacturing sector," Commerce and Industry Minister Kamal Nath said in a statement.

Industries that performed well during the period are wood and wood products, furniture and fixtures, metal products and parts, food products, basic metal and alloy industries and cotton textiles.

As compared to 8.2 percent in the previous year, industrial growth during 2006-07 went up by 11.3 percent, which is the highest growth of the industrial sector since 1995-96, the statement said.

In 2006-07, foreign direct investment (FDI) in India rose to $16 billion compared to $5.5 billion in 2005-06, a major chunk of which came from the US, Britain, Mauritius, the Netherlands and Singapore, which have contributed 83 percent of the total FDI inflows.

Services, electrical equipments (including computer software and electronics), construction activities, telecommunications and real estate are some of the sectors that attracted maximum FDI.

The construction and real estate sectors have together received $1.45 billion during 2006-07 which is about 12 percent compared to 3.4 percent of the total FDI inflows received during the year 2005-06, the statement said.
Source: IANS
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