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Tuesday, Mar 12, 2002

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Industrial drag persists in Jan

Our Bureau

NEW DELHI, March 11

THE country's industrial output has registered a growth of 3.2 per cent in January 2002 compared to 4.5 per cent in the same period last year. In the first 10 months of the current fiscal (April 2001-January 2002), the growth was 2.5 per cent against 5.7 per cent in the corresponding period in the previous year.

According to the latest `quick estimates' of the Index of Industrial Production (IIP) released by the Central Statistical Organisation (CSO) here on Monday, all the three major sectors comprising the overall general index grew at a lower rate than in the previous year. The manufacturing sector grew by 2.6 per cent (5.9 per cent), mining by 1.5 per cent (4.4 per cent) and electricity by 2.9 per cent (4.6 per cent).

The use-based classification of the IIP reveals that it is only the consumer durables segment that has so far weathered the present manufacturing slowdown. During April 2001-January 2002, consumer durables production rose by 12.3 per cent against the 16.7 per cent growth registered last year.

But on the other hand, capital goods output — which is an indicator of the level of investment in plant and machinery being undertaken by companies — plummeted by 4.6 per cent during the first 10 months of the current fiscal (against a growth of 2.9 per cent during April 2001-January 2002).

The growth rates have similarly been lower for basic goods (2.5 per cent versus 4.8 per cent during last year), intermediate goods (1.9 per cent versus 8.4 per cent) and consumer non-durables (3.1 per cent versus 5.8 per cent).

On a month-to-month basis, the estimates show that the IIP has grown by 3.2 per cent in January 2002 against 4.5 per cent in the previous year. At the sectoral level, manufacturing grew by 3.2 per cent (4.7 per cent), mining by 3.4 per cent (5.1 per cent) and electricity by 3.8 per cent (2.5 per cent).

At the use-based classification level, the growth rates stood at minus 1.9 per cent for capital goods (compared to 1.5 per cent in January 2001), four per cent (2.3 per cent) for basic goods, 1.5 per cent (2.8 per cent) for intermediate goods, 14.8 per cent for consumer durables (8.5 per cent) and 3.1 per cent (5.8 per cent) for consumer non-durables.

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