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Industrial growth has gathered pace as factory production rose by 11.7% in November 2009, fuelled by stimulus-backed demand for manufactured goods, particularly consumer goods
Industrial growth has gathered pace as factory production rose by 11.7% in November 2009, fuelled by stimulus-backed demand for manufactured goods, particularly consumer goods, reports PTI.
Industrial growth was just 2.5% in November 2008.
Manufactured goods, which have around 80% weight in the Index of Industrial Production (IIP), which measures industrial growth, grew by 12.7% in November 2009 compared to 2.7% in the same month a year ago.
Within this category, consumer durables goods production expanded by 37.3% in the month against just 0.3% a year ago.
Industrial output in the first quarter of 2009-10 stood at 3.8% and in the second quarter at 9.2%.
With better-than-expected performance in November, industrial production in the first two months of the third quarter now expanded at more than 10%, as it grew by 10.3% in October.
The continuous rise of industrial production gives enough hope that the recovery is on a firm footing and will fuel the debate whether stimulus provided by the government to spur the economy should be withdrawn now or not.