New Delhi, Dec. 12: It seems inflation control for India came at heavy cost of sacrificing industrial growth, which slowed to -5.1% in October 2011 as compared to corresponding month of last year, according to the IIP data released by the Central Statistics Office (CSO). Is it a sign of building recessionary pressure or just a monthly movement?   

The CSO data showed that during April-October 2011-12 period industrial growth stands at 3.5% over the corresponding period of the previous year. Most surprisingly, the manufacturing sector showed negative growth of 6.0% in October 2011 as compared to same month last fiscal. During the April-October period of 2011-12 manufacturing sector grew by 3.7% over the same period last fiscal. Same is the trend of mining sector which recorded a negative growth of 7.2% in the reporting month over same month last fiscal and in first seven months mining recorded a negative growth of 2.2%. 

In this bleak picture, electricity sector is a ray of light as the sector grew by 5.6% in October against the same month last fiscal. In the April-October 2011-12, period electricity grew 8.9% over the same period last fiscal. 

Based on user-based classification, India's basic goods sector recorded negative growth of 0.1% in October 2011 over October 2010. Most surprisingly, capital good recorded negative growth of 25.5% in the month over corresponding month last fiscal. Intermediate goods sector recorded negative growth of 4.7% in the month over same month last fiscal. 

The Consumer durables and Consumer non-durables have recorded negative growth of 0.3% and 1.3% respectively, with the overall growth in Consumer goods being -0.8%.