New Delhi, May 11: India's industrial growth continued trend southward in 2012, as after registering 6.8% on-year growth in January and 4.1% on-year growth in February it contracted further to -3.5% as compared to March last year.
The index of industrial production (IIP) data released by the Ministry of Statistics & Programme Implementation showed Friday that for FY12 India's industrial out put grew by just 2.8% on-year.
The Central Statistics Office (CSO), under the Ministry of Statistics and Programme Implementation, data showed manufacturing sector growth in March contracted to -4.4% versus 4.1% on-year in February 2012. Electricity sector registered a growth of 2.7% over same month last fiscal. The mining sector after bouncing back in February once again contracted by -1.3% in March.
In FY12, manufacturing sector grew 2.9% as compared to FY11. Electricity sector grew bu 8.1% and mining sector contracted by -2% in FY12.
Based on use-based classification, basic goods registered 1.1% on-year growth in March as against 7.5% on-year growth in February, Capital goods recorded a negative growth of 21.3% on-year as against 10.6% growth last month and intermediate goods also contracted further to 2.1% on-year in March, as against -0.6% in February.
The Consumer durables and Consumer non-durables have recorded growth of 0.2% and 1% respectively, with the overall growth in consumer goods being 0.7%.
India’s GDP growth in the fiscal 2011-12 could be less than 7%, much lower than the 8.4% achieved in last fiscal and 7.5% projected earlier.
March IIP data is bit shock for the market as BSE Sensex dropped 0.85% at 12 p.m. and trading at 16,280.
In a move to boost industrial growth the Reserve Bank of India (RBI), after around two year of rate hike cycle started easing policy rates and accordingly cut the CRR and policy rates aggressively last month.
New Delhi, May 11: India's industrial growth continued trend southward in 2012, as after registering 6.8% on-year growth in January and 4.1% on-year growth in February it contracted further to -3.5% as compared to March last year.
The index of industrial production (IIP) data released by the Ministry of Statistics & Programme Implementation showed Friday that for FY12 India's industrial out put grew by just 2.8% on-year.
The Central Statistics Office (CSO), under the Ministry of Statistics and Programme Implementation, data showed manufacturing sector growth in March contracted to -4.4% versus 4.1% on-year in February 2012. Electricity sector registered a growth of 2.7% over same month last fiscal. The mining sector after bouncing back in February once again contracted by -1.3% in March.
In FY12, manufacturing sector grew 2.9% as compared to FY11. Electricity sector grew bu 8.1% and mining sector contracted by -2% in FY12.
Based on use-based classification, basic goods registered 1.1% on-year growth in March as against 7.5% on-year growth in February, Capital goods recorded a negative growth of 21.3% on-year as against 10.6% growth last month and intermediate goods also contracted further to 2.1% on-year in March, as against -0.6% in February.
The Consumer durables and Consumer non-durables have recorded growth of 0.2% and 1% respectively, with the overall growth in consumer goods being 0.7%.
India’s GDP growth in the fiscal 2011-12 could be less than 7%, much lower than the 8.4% achieved in last fiscal and 7.5% projected earlier.
March IIP data is bit shock for the market as BSE Sensex dropped 0.85% at 12 p.m. and trading at 16,280.
In a move to boost industrial growth the Reserve Bank of India (RBI), after around two year of rate hike cycle started easing policy rates and accordingly cut the CRR and policy rates aggressively last month.
