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New Delhi: The Planning Commission today expressed confidence that the economy would grow by 8.5% despite the industrial growth rate slipping to a 13-month low of 7.1% in June, reports PTI.
"For year as whole it (Index of Industrial Production-IIP) does not necessarily have be in double digit... to achieve 8.5% gross domestic product (GDP) growth. But we do want double digit industrial growth", Planning Commission deputy chairman Montek Singh Ahluwalia told reporters.
IIP during June slipped to 7.1%, from 8.3% in the corresponding period last fiscal, mainly on account of deceleration in growth rates of manufacturing sector.
Both the Reserve Bank of India (RBI) and the Prime Minister's Economic Advisory Council (PMEAC) have projected the economic growth rate of 8.5% for the current fiscal, up from 7.4% a year ago.
Mr Ahluwalia said, "The industrial growth in June is little bit lower...we did expect deceleration in industrial growth. I will not conclude from the June figure that this is going to be trend for rest of the year. A lot of individual components seem to be showing reasonably good growth."
Among the industrial segments, capital goods recorded a growth of 9.7% in June, intermediate goods 8.7% and consumer goods 8.3%.
The growth in the year ago period for the three segments was 13.4%, 7.9% and 8.3% respectively.