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Mr P. Chidambaram

Our Bureau

New Delhi, Dec 12 The Finance Minister, Mr P. Chidambaram, on Wednesday, said that the outlook on industrial growth was “encouraging” and that one had to “wait and see the November figures” before taking a call on whether the current growth rates would be sustained through the current fiscal or not.

The Index of Industrial Production (IIP) data released earlier on Wednesday showed that industrial output in October 2007 had recorded 11.8 per cent growth, much higher than the 4.5 per cent growth recorded in the same month last year.

“The outlook is encouraging. The April-October figures are slightly lower than last year. We will have to wait and see the November figures”, Mr Chidambaram said.

Industrial output grew 9.7 per cent in April-October 2007, but lower than the 10.1 per cent growth recorded in same period last year.

On the impact of US Federal Reserve’s move on domestic interest rates, Mr Chidambaram said that the “differential in interest rates has increased. Let’s see” .

On Tuesday, the Federal Reserve cut Fed funds rate by 25 basis points to 4.25 per cent.

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