With the manufacturing and mining sectors registering impressive growth rates, the index of industrial production (IIP) has recorded a 5.8 per cent growth rate in 2002-03, compared with a 2.7 per cent growth rate registered during the previous financial year.
The quick estimates of the IIP released today shows that the overall industrial growth stood at 6 per cent during March, 2003 as compared to the corresponding period last fiscal, when it grew by 2.4 per cent.
At a sectoral level, the manufacturing sector grew by 6 per cent against 2.9 per cent in 2001-02, while the mining sector too registered a growth of 5.8 per cent as against 1.2 per cent recorded during 2001-02. The cumulative growth for the electricity sector during 2002-03 was 3.2 per cent.
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The indices of industrial production for the mining, manufacturing and electricity sectors for the month of March 2003 is estimated at 6.6 per cent, 6.8 per cent and a negative one per cent, respectively, as per the release.
As many as 14 of the 17 two-digit industry groups showed positive growth during the month of March 2003 as compared to the corresponding month of the previous year. Beverages, tobacco and related products showed the highest growth of 33.2 per cent, followed by jute and other vegetable fibre textiles (except cotton) at 21.9 per cent and food products 21.8 per cent.
Wool, silk and man-made fibre textiles showed a decline of 17.1 per cent, wood and wood products & furniture and fixtures saw a decline of 11.1 per cent, and 0.2 per cent in basic chemicals & chemical products (except products of petroleum and coal).
As per use-based classification, the capital goods sector rose by 10.4 per cent during 2002-03 as compared to a decline of 3.4 per cent seen in the previous fiscal. While the basic goods sector grew by 4.8 per cent during 2002-03 as against 2.6 per cent during 2001-02, the intermediate goods sector grew by 3.8 per cent during 2002-03 as against 1.5 per cent during 2001-02.
The consumer goods sector grew by 7.2 per cent during 2002-03 as against six per cent during the previous fiscal. The consumer durables growth, however, registered a negative growth of 6.4 per cent during 2002-03 as against 11.5 per cent growth during 2001-02, the official figures said.
The consumer non-durables sector, however, registered a 12.3 per cent growth during the last financial year as against 4.1 per cent during 2001-02.
According to use-based classification for the period March 2003, the basic goods sector grew by 4.1 per cent, the capital goods by 8.2 per cent and intermediate goods by 7.6 per cent.
The consumer durables and consumer non-durables have recorded growth of (-) 12.7 per cent and 12.5 per cent respectively, with the overall growth in consumer goods for March 2003 being 6.1 per cent, the release said.