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Industrial growth slips to 4.8%

NEW DELHI: It was a poor show by the manufacturing sector yet again that pulled down the industrial growth rate to 4.8 per cent in September from a much healthier seven per cent growth notched up in the same month last year.

Surprisingly, however, while experts tended to analyse the index of industrial production (IIP) data released here on Wednesday as a clear signal of an economic slowdown to correct, which would require a fiscal stimulus along with a further cut in key rates by the Reserve Bank of India, Finance Minister P. Chidambaram dubbed the growth figures as ‘encouraging,’ especially when compared to the dismal performance in August.

As for the first six months of the current fiscal, the industrial growth rate stands halved at 4.9 per cent as compared to 9.5 per cent during April-September 2007-08.

In a statement, Mr. Chidambaram viewed that the IIP data for September were encouraging, mainly because the overall growth for the month was significantly higher than the provisional estimate of 1.3 per cent and the subsequently revised figure of 1.42 per cent.

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