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Centre for Monitoring Indian Economy (CMIE) has scaled down its forecast for the industrial production growth in FY 12 to 8.2 per cent from 8.7 per cent earlier.
A lower than expected production growth witnessed by a few industries in the first 2-4 months of the year and delays in commissioning of plants by companies prompted it to revise the forecast downwards, CMIE said in its monthly review here.
Delays in commissioning of power projects have caused a downward revision in the forecast for the growth in electricity generation in FY 12 to nine per cent from 10.1 per cent earlier, it said.
CMIE revised its forecast for growth in steel production in FY 12 from 12 per cent to 9.5 per cent due to a lower-than-expected growth in steel consumption in the first three months, and a shortfall of iron ore likely to be faced by the steel manufacturing units located in Karnataka, following the suspension of mining from Bellary ordered by the Supreme Court.
Postponement of project commissioning by HPCL-Mittal Energy, Essar Oil and MRPL and a lower than expected growth in the June 2011 quarter prompted us to bring down our forecast for growth in petroleum throughput in FY 12 from 9.3 per cent to 7.7 per cent. Consequently, our forecast for diesel, petrol and other petroleum products has been revised downwards, CMIE said.
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