The Hindu Business Line : Industry posts 8 pc growth in 2004-05

LED by an improved showing by the manufacturing sector, industry recorded an eight per cent growth last fiscal, compared to seven per cent in 2003-04.

According to the Index of Industrial Production released by the Government on Thursday, the manufacturing sector logged 8.8 per cent growth in 2004-05, compared to 7.4 per cent in 2003-04.

The electricity sector showed a marginal improvement in growth at 5.2 per cent last fiscal from 5.1 per cent in 2003-04. The mining sector, however, witnessed a slowdown in growth at 4.3 per cent in 2004-05, from 5.2 per cent a year ago.

According to the data, the Index for Industrial Production (IIP) stood at 204.2 points during the last fiscal, compared to 189 points during the previous year. The Index of Industrial Production rose to 225.8 points in March 2005 from 210.7 points a year ago. During March 2005, manufacturing sector grew by 7.8 per cent, slightly lower than the 8.1 per cent growth recorded in the year-ago period. The mining sector grew by 5.6 per cent in March 2005 compared to 5.1 per cent in March 2004, while electricity generation grew by three per cent, compared to a 10.6-per cent growth in the last month of 2003-04.

Fourteen of the total 17 industry groups witnessed positive growth, with textile logging the highest growth of 29.4 per cent followed by leather (22 per cent), beverages and tobacco (18 per cent) during March 2004-05. The only sectors that showed a decline in production are wood, wooden products and furniture (11.6 per cent), food products (4.9 per cent), metal products and parts (0.9 per cent).

The capital goods sector grew by 14.2 per cent followed by basic goods (6.9 per cent) and intermediate goods (4.1 per cent). The consumer durables sector grew by 8.2 per cent, while consumer non-durables logged 7.2 per cent growth. The overall consumer goods segment registered a growth of 7.5 per cent during March 2004-05.

Consumer durables logged the highest growth of 14 per cent during 2004-05 compared to 11.6 per cent in 2003-04. The growth in consumer non-durables was 10.4 per cent during the last fiscal, which was higher than 5.8 per cent in 2003-04. The overall growth in consumer goods was 11.3 per cent against 7.1 per cent a year ago.

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