Financial Daily from THE HINDU group of publications
Tuesday, Jul 13, 2004
Industry & Economy - Economy
Industrial growth dips to 6.2 pc in May
New Delhi , July 12
INDUSTRIAL output posted a marginal slowdown in growth at 6.2 per cent in May, down from 6.4 per cent growth recorded during the corresponding month last year.
The overall growth during the first two months of the current fiscal (April-May ) was, however, higher at 7.5 per cent, as against a growth of 5.3 per cent registered during April-May period last fiscal, according to the quick estimates of the Index of Industrial Production (IIP) released by the Central Statistical Organisation (CSO) today.
The dip in growth during May was largely due to a poor showing by the electricity sector, which grew only by 3.6 per cent during the month, as against a 5.2 per cent growth recorded by the sector during the same period last year. Cumulative growth for the electricity sector was, however, higher at 6.9 per cent during April-May, as against a 3.6 per cent growth during the two-month period last year.
For the manufacturing sector, which has the highest weightage in the Index, growth during May was stable at 6.7 per cent, as was recorded during the same month last year. Cumulative growth during April-May was, however, higher at 7.6 per cent, as against a 5.5 per cent growth during the corresponding two months in 2003.
The mining industry grew by 4.9 per cent in May over 4.7 per cent growth recorded in May 2003. The sector grew by 7.2 per cent during April-May, as against a 5.5 per cent growth posted during the corresponding period last year.
In case of use-based classification, the mood in the capital goods segment was upbeat with the sector touching 10.4 per cent growth during May , as against a 7.7 per cent growth recorded during the corresponding month last fiscal. The performance was repeated in the first two months of the current fiscal, with the sector registering a 11.3 per cent growth as compared with 7.1 per cent during April-May last year.
The consumer durables sector recorded a dip in growth at 8.3 per cent, as against a double-digit growth of 11.4 per cent in May last year. The cumulative performance was up at 9.4 per cent, as against last year's 5.9 per cent.
The consumer non-durables registered a major dip in growth at 2.4 per cent, as against a robust 15.1 per cent growth recorded in May last year. The sector's cumulative growth stood at 3.7 per cent, down from 12 per cent in April-May last year.
Growth registered by the basic goods sector came down to 3.1 per cent from 4.9 per cent in May last year. The cumulative growth in the sector during April-May this year, however, touched 5.5 per cent, as against a growth of 3.9 per cent last year. The intermediate goods sector posted an impressive 11.5 per cent growth, after witnessing a growth of 0.3 per cent in May last year.
The cumulative figures for the sector for the April-May period this year stood at 11.3 per cent, up from 0.9 per cent recorded last year.
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