Industry clocks 8% growth in FY05

Powered by the manufacturing boom, industry recorded an impressive 8% growth last fiscal when compared with 7% in 2003-04, raising hopes of higher GDP growth during the year.

Industrial growth would have been higher but for the lower 7.2% growth witnessed in the last month of 2004-05 as against 8.1% in March 2004.

The manufacturing sector logged an impressive 8.8% growth, and propelled industrial growth in 2004-05. The sector had expanded 7.4% in 2003-04, according to figures released by the government today.

Although electricity showed a marginal improvement to 5.2% last fiscal from 5.1% in 2003-04, mining sector witnessed a slowdown in growth to 4.3% from 5.2% a year ago.

The index for industrial production (IIP) stood at 204.2 points during FY05 when compared to 189 last year.