Buoyed by the impressive performance of the manufacturing and electricity sectors, industrial growth in May shot up to 5.7 per cent, against a 4.1 per cent growth in the month last year.
As a result, the index of industrial production has registered an overall growth of 5 per cent in April-May, against 4.1 per cent in the corresponding period last year.
On a disaggregated basis, the manufacturing sector has grown 6.1 per cent in May, against 4 per cent registered a year ago.
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The sector recorded a 5.2 per cent growth during April-May 2003, against 4 per cent in the two months last year, largely due to the buoyancy in the capital and consumer goods sectors.
While the capital goods sector grew 9.3 per cent in May, against 5.1 per cent in the same month in 2002, it staged an overall growth of 8.1 per cent in April-May 2003. The sector had grown 2.2 per cent in the corresponding period last year.
The consumer goods sector did even better by notching a 12 per cent growth in May this year, against a 6.6 per cent growth in the same period last year.
It recorded a growth of 9.1 per cent in the first two months of 2003-04, against 7.7 per cent in April-May 2002.
The consumer durables industry has registered a 6.8 per cent growth in May, as against a contraction of 6.7 per cent witnessed in the sector in May 2002.
The total output growth for the sector in the first two months of 2003-04 stood at 2.7 per cent, against a contraction of 1.7 per cent in the same period last year.
The consumer non-durables segment witnessed a marginal fall in growth to 11.2 per cent in April-May 2003, against 11.3 per cent in the year-ago period. In May 2003, growth rose to 13.8 per cent from 12 per cent in the month last year.
Growth in the basic goods sector, however, fell to 4 per cent in May 2003, against 5.6 per cent in the same month a year ago. Growth fell to 3.7 per cent in April-May 2003 from 5.1 per cent in the corresponding period last year.
The mining sector displayed a dismal performance in the first two months of 2003-04 by growing 4.2 per cent, against 5.8 per cent in the previous year.
In May this year, its performance was poorer, with growth falling to 2.5 per cent from near 8 per cent in the year-ago period.
Although the power sector performed well in May, the overall performance in April-May was dismal. Growth in electricity generation fell to 3.4 per cent from 3.7 per cent in the period last year.
However, in May, the sector grew to 4.9 per cent, against 2.2 per cent in the corresponding period in 2002.