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India’s Industrial Growth Surges To 6.7% In November
India’s Industrial Growth Surges To 6.7% In November
The strong industrial growth was driven by an 8 per cent surge in the manufacturing sector, led by a robust performance in basic metals and fabricated metal products, pharmaceuticals, and motor vehicles.
New Delhi: The growth rate of India's industrial production surged to 6.7 per cent in November this year compared to the same month of the previous year after having slowed to 0.4 per cent in October due to the long holiday season in the festive month, according to figures released by the Ministry of Statistics on Monday.
The strong industrial growth was driven by an 8 per cent surge in the manufacturing sector, led by a robust performance in basic metals and fabricated metal products, pharmaceuticals, and motor vehicles.
Growth in the mining sector at 5.4 per cent has also rebounded due to the closure of the monsoon season and strong growth in metallic minerals such as iron ore. However, the electricity sector remained a laggard with a negative growth of (-)1.5 per cent during the month.
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Within the manufacturing sector, 20 out of 23 industry groups have recorded a positive growth in November. The top three positive contributors for the month of November are "Manufacture of basic metals" (10.2 per cent), "Manufacture of pharmaceuticals, medicinal chemical and botanical products" (10.5 per cent), and "Manufacture of motor vehicles, trailers, and semi-trailers" (11.9 per cent).
In the industry group "Manufacture of basic metals", which includes steel, products have shown a significant contribution in growth.
The figures on use-based classification show that the production of capital goods, which comprise machines used in factories, shot up by a double-digit 10.4 per cent over the same month of the previous year. This segment reflects the real investment taking place in the economy, which has a multiplier effect on the creation of jobs and incomes going ahead. The consumer durables sector, comprising white goods such as refrigerators, TV sets and washing machines, also recorded a strong growth of 10.3 per cent, while non-durable goods such as soaps, cosmetics and processed foods clocked a 7.3 per cent growth during the month.
The infrastructure and construction sector clocked a strong 12.1 per cent growth during the month compared to the same month of the previous year on the back of big-ticket government projects being implemented in the highways, railways and ports sectors.
Source: ZeeNews
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