Industry & Economy
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Economy
Manufacturing sectors post `impressive' growth
Our Bureau
New Delhi
,
Dec. 14
THE domestic manufacturing sector reported impressive growth for the April-September period of the current year compared to the corresponding period last year, says an ASCON-CII survey conducted recently.
Of the total 140 manufacturers sectors in the country reporting production, 27 sectors recorded growth rate of more than 20 per cent, according to the survey. Forty-three sectors recorded a growth rate of 10-20 per cent and 50 sectors registered growth of up to10 per cent. Twenty sectors reported negative growth, according to the survey.
Cast iron, pig iron, sponge iron, switchgears, electric motors, machine tools, microwave ovens, drugs and pharmaceuticals and cellular services sector, among others, recorded growth of more than 20 per cent, according to the survey.
Paints, capacitors, auto components, precision tubes, industrial gases, transmission line towers, motorcycles and alcoholic beverage sectors, among others, recorded growth of 10-20 per cent, according to the survey.
It says that the Indian manufacturing industry is facing a slowdown on the export front due to high domestic demand. The latest survey indicates that 14 sectors (against 19 last year) have shown growth rate of above 20 per cent in exports.
It says that unequal value added tax rates in different States, high input prices, lengthy procedures for obtaining export benefits and unrestricted second-hand goods import are restricting the potential growth in the domestic manufacturing industry.
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