India's manufacturing sector rises to a nine-quarter high of 13.1%

The petrochemicals sector saw a credit offtake growth of 19.14% in the first quarter

The manufacturing sector grew at a nine-quarter high during the April-June period at 13.1 per cent, giving a leg up to the gross domestic product (GDP).

Although a large part of it could be attributed to the low base of last year((-) 1.8 per cent), sectoral analysis suggests that the performance of key sectors like automobiles, textiles, engineering, consumer durables and petroleum products led the growth.

“Growth in the manufacturing sector (13.5 per cent) also indicates broad-based recovery of demand,” finance secretary Hasmukh Adhia said in his tweet. Investment activity, as indicated by gross fixed capital formation and Reserve Bank of India’s