India's chief statistician Pronab Sen said the industrial growth rate as reflected in the index of industrial production (IIP) number for July 2008 would be higher than that of previous month.
The general index for June month stood at 5.4 per cent. The cumulative growth for the period April- June 2008 was at 5.2 per cent. Manufacturing sector grew at 5.9 per cent in June 2008, while mining and electricity witnessed a growth rate of 2.9 per cent and 2.6 per cent respectively.
On inflation, Sen said the money supply is still higher at 20 per cent, though it has come down by 24 per cent, adding that it would add pressure on the inflation rate. But, he was hopeful that inflation rate would fall below 10 per cent by the end of this year.