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Industrial growth marginal at 2.6 pc in 11 months

Our Bureau

NEW DELHI, April 12

INDUSTRIAL output has registered a marginal growth of 2.6 per cent in the first 11 months of the current fiscal as against 5.4 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 Friday, all the three major sectors comprising the overall general index grew at a lower rate than that in the previous year.

While the manufacturing sector grew by 2.7 per cent (as against 5.7 per cent), the mining sector grew by1.5 per cent (3.9 per cent) and electricity by 2.9 per cent (4.2 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-February 2002, consumer durables production rose by 11.6 per cent as against 16.3 per cent 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 — has plummeted by 4.2 per cent during the first ten months of the current fiscal as against 2.1 per cent during the first 11 months of the previous year.

The growth rates have similarly been lower for basic goods — 2.6 per cent (4.4 per cent), intermediate goods — 1.8 per cent (4.5 per cent) and consumer non-durables — 3.7 per cent (6.1 per cent).

On a month-to-month basis, the estimates show that the IIP has grown by 2.3 per cent in February 2002, as against three per cent in the previous year.

At the sectoral level, manufacturing grew by 2.3 per cent (3.6 per cent), mining 2.4 per cent (-0.4 per cent) and electricity by 2.6 per cent (zero per cent).

At the use-based classification level, the growth rates stood at 1.6 per cent for capital goods (compared to -5.2 per cent in February 2001), 3.8 per cent (-0.9 per cent) for basic goods, 0.1 per cent (2.8 per cent) for intermediate goods, 3.7 per cent for consumer durables (12.9 per cent) and 3.2 per cent (8.7 per cent) for consumer non-durables.

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