A 2.9 per cent industrial growth in April, 2002, is a cause for cheer. Based on better industrial performance, economists project the gross domestic product (GDP) growth for the fiscal will be in the range of 6.5 to 6.7 per cent. Industrial growth was 2.6 per cent in the corresponding month last fiscal.
For the first month of the fiscal, quick estimates of IIP released by the Central Statistical Organisation (CSO) put the manufacturing sector growth at 2.5 per cent against 2.7 per cent in the corresponding month last fiscal.
Growth in the electricity and mining sectors was better than the previous fiscal. The mining sector reported a 4.6 per cent growth against the 3.4 per cent growth in April 2001, while electricity reported a 4.9 per cent growth compared to the 1.5 per cent growth in April 2001.
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According to the use-based classification, consumer non-durables reported a significantly better performance, growing by 4.1 per cent in April, 2002, compared to 1.3 per cent growth in April 2001.