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Our Bureau

New Delhi , Jan.12

INDIAN industry continues to be on a roll, with the official Index of Industrial Production (IIP) registering a year-on-year increase of 7.9 per cent in November 2004 against 8.2 per cent recorded during the same month of the previous year.

The growth has been largely manufacturing-led. The index for `manufacturing' has gone up by 8.8 per cent year-on-year during November 2004 (against 8.9 per cent in November 2003), with the corresponding growth rates being 2.8 per cent (5.2 per cent) for `mining' and 4 per cent (4.8 per cent) in the case of `electricity'.

For the April-November 2004 period as a whole, the overall growth rate for industry has been 8.4 per cent (6.4 per cent during April-November 2003), making the current fiscal the best since 1995-96, when the sector grew by 13 per cent.

While manufacturing growth during the first eight months of 2004-05 stood at 8.9 per cent (against 7.1 per cent in April-November 2003), the corresponding cumulative numbers for mining and electricity were 4.9 per cent (4.1 per cent) and 6.8 per cent (3.2 per cent), respectively.

As per the `use-based' classification of the IIP, the bulk of the growth is being driven by capital and consumer goods. The index for capital goods has soared by 10.3 per cent in November and 13.5 per cent during April-November 2004, as against the corresponding year-on-year growth rates of 12.7 per cent for November 2003, and 9.7 per cent for April-November 2003.

During November, the annual growth rate for consumer durables was estimated at 11.4 per cent (against 16 per cent in November 2003), while that for consumer non-durables at 11.4 per cent (3.7 per cent), for basic goods 6.7 per cent (5.7 per cent), and for intermediate goods at 4.7 per cent (11.3 per cent).

For April-November 2004, the cumulative year-on-year growth amounted to 15.8 per cent (8.7 per cent during April-November 2003) for consumer durables, 8.8 per cent (7.9 per cent) for consumer non-durables, 5.7 per cent (4.5 per cent) for basic goods and 7.2 per cent (6 per cent) for intermediate goods.

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