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Notwithstanding Sharp decline in industrial growth in November, the Plan panel on Wednesday exuded confidence that the country would end the current fiscal with targeted GDP growth of over 8.5 per cent.
“I am not concerned about low November number. There is month to month volatility. We are on track as far as GDP growth is concerned,” said Mr Montek Singh Ahluwalia, Planning Commission Deputy Chairman.
Industrial growth plunged to 2.7 per cent in November 2010 against 11.3 per cent in the same period a year-ago. In October 2010, the Index of Industrial Production (IIP) had expanded by 11.29 per cent. The industrial growth during April-November of this fiscal stood at 9.5 per cent, against 7.4 per cent in the corresponding period last year.
Mr Ahluwalia said, “The cumulative (industrial growth) number (April—November) is about 9.5 per cent, that is very reasonable considering the overall (GDP) growth (target) we have.” About ending the fiscal with over 10 per cent industrial growth this fiscal, he said, “I hope that we would get 10 per cent industrial growth with 8.5 per cent or little higher GDP growth in 2010-11.”
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