Industrial growth slipped to 7.6% in December from 13.4% in the corresponding month of 2006 on account of deceleration in manufacturing, mining and electricity, among other sectors.
NEW DELHI: Industrial growth slipped to 7.6 per cent in December from 13.4 per cent in the corresponding month of 2006 on account of widespread deceleration in manufacturing, mining and electricity, among other sectors.
Consumer goods sector, in addition to other segments of the industry like basic goods and capital goods, also witnessed a slowdown in growth during the month, showed the quick estimates of the Index of Industrial Production (IIP) released on Tuesday.
The slippage in the rise in industrial output in December can be attributed mainly to the manufacturing sector growth rate, which decelerated to 8.4 per cent from 14.5 per cent in the corresponding period of last financial year.
Mining and electricity sectors also performed poorly during the month, recording growth rates of 3 per cent and 3.8 per cent respectively as compared to 6.1 per cent and 9.1 per cent in December 2006.
The cumulative industrial growth rate (April-December 2007) also slipped to 9 per cent from 11.2 per cent a year ago, suggesting that industrial growth rate during the financial year is unlikely to cross the double digit mark.
The nine-month growth rate for manufacturing sector declined to 9.6 per cent from 12.2 per cent in the previous fiscal. Similarly, the growth rates for mining and electricity sectors worked out to be 4.9 per cent 6.6 per cent respectively, compared to 4.4 per cent and 7.5 per cent during the corresponding period of 2006-07.
The industrial growth rate for November 2007 has been revised downwards to 5.1 per cent from 5.3 per cent reported earlier.
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