Macroeconomic indicators - Indian industrial growth down by 1.2%
Industrial recovery remained elusive under the impact of global financial meltdown with factory production contracting again in February to record a 15 year low growth of negative 1.2% clearly showing that stimulus packages are yet to yield results.
Industrial growth during April 2008 to February 2009 stood at just 2.8% against a whopping 8.8% a year ago.
ll major categories manufacturing, mining, consumer non durables, basic goods and intermediate items registered a negative growth in February, prompting demand for rate cuts by RBI in its annual monetary policy later this month.
So far as specific industries are concerned, 9 out of 17 showed a negative growth. Manufacturing, constituting around 80% in the Index of Industrial Production declined by 1.4% in February compared to 9.6% growth a year ago.
Mr Ashok Chawla economic affairs secretary said that "We have never said manufacturing sector is back to very robust growth. If you look at the numbers, the impact continues to be on sectors where there is a very heavy export linkage, like cotton textile, leather, mining."
(Source : Financial Express)
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