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ML Fund Research Desk explains why two funds with a focus on media and entertainment show...

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Industrial growth slips to single digit at 7.1% in June

New Delhi: Snapping an eight-month trend of double-digit rise, industrial growth slid to 7.1% in June from 8.3% a year ago. The lower growth rate has been attributed to the high base rate effect, reports PTI.

Growth in manufacturing, which constitutes around 80% of the Index of Industrial Production (IIP) to measure factory output, fell to 7.3% from 8% a year ago, according to government data released today.

Electricity generation expanded by 3.5% from 8% in June, 2009.

Mining expanded the fastest at 9.5%, but was still lower than 14.2% registered a year ago.

Consumer durables was the only industry to show a somewhat good growth. It expanded by 27.4% against 16.2% a year ago.

As many as 13 out of 17 industries posted a positive growth in June.

However, despite a single digit growth in the month, factory output expanded by 11.6% in the first quarter from 3.9% a year ago.

Industrial growth figures for May was revised downwards to 11.35% from 11.50% estimated earlier.

The decline in industrial expansion will further increase the Reserve Bank of India's (RBI) dilemma on rate hikes to check inflation, experts said.
 

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