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Industrial growth signals recovery: Pranab Mukherjeee

Last Updated: Monday, October 12, 2009 - 14:06

New Delhi: Buoyed over 22-month high
industrial growth of 10.4 percent in August, Finance Minister
Pranab Mukherjee on Monday said it is a recovery process from the
earlier slowdown caused by the global financial crisis and
possibly there could be some higher growth projection.

"It is a good sign and it is a recovery, process of
recovery," Mukherjee told reporters here.

"We are hoping that when the final figure of second
quarter will be available, perhaps there will be some higher
growth. If the higher growth projection is there, then in the
third quarter, fourth quarter we can make up," he said.

Industry production grew by 10.4 percent in August
against a mere 1.7 percent in the same month a year ago, as
manufacturing, mining and electricity sectors recorded double
digit growth.

The industrial upsurge may make up for likely decline in
farm production, hit by weak monsoon.

Finance Secretary Ashok Chawla said that there is a
possibility of industrial production to move up.

"We expect the trend to continue and expect better
numbers in September," Chawla said.

Bureau Report

First Published: Monday, October 12, 2009 - 14:06
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