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India’s July IIP growth at 7.1%

India’s July IIP growth at 7.1%
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First Published: Fri, Sep 12 2008. 12 26 PM IST
Updated: Fri, Sep 12 2008. 12 26 PM IST
PTI
New Delhi: Industrial growth recovered to 7.1% in July from the dismal performance in previous two months of the current fiscal, even though it moderated compared with 8.3% recorded a year ago.
The improved data may give some breather to the Government and RBI, struggling hard to check the double-digit inflation through tightening monetary policy, which hampers the growth process.
While the manufacturing, which contributes about 80% to IIP, grew by 7.5% in July, compared with 8.8% a year ago, electricity generation was up by 4.5%, against 7.5%.
Mining output growth, however, was quite higher at 5% from 3.2% a year ago.
The growth in industrial production, as measured by the Index of Industrial Production (IIP), was low at 3.8% in May and 5.4% in June.
In April, however, industrial growth stood at 7%, more or less same as in July.
As such, industrial growth turned out to be 5.7% in the first four months of this fiscal, against 9.7% a year ago.
The data came close to first quarterly economic growth figures at 7.9% and would play a crucial role for the GDP figures for the next quarter.
If, this trend continues and other sectors like agriculture and services also contribute, GDP figure may be quite higher for the second quarter, analysts said.
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First Published: Fri, Sep 12 2008. 12 26 PM IST
More Topics: Industrial Growth | IIP | July | Manufacturing | Mining |