By IANS,
New Delhi : India’s industrial output rose for the seventh straight month in April at 17.6 percent from a year earlier due to higher spending on infrastructure and improved exports, official data released Friday showed.
This is the sharpest rise since December 2009, when the index for industrial production (IIP) grew at 17.7 percent.
Manufacturing, the largest constituent in the index, rose 19.4 percent in April compared to the same month last fiscal, while mining output was up 11.4 percent and power generation increased 6 percent.
Consumer durables goods production was up 37 percent, compared to a 32 percent rise in March 2010. Output of capital goods soared 72.8 percent, due to a lower base in the year-ago period.
Finance Minister Pranab Mukherjee said the growth in industrial production was encouraging.
“My appetite is infinite. I would have been happier if it was 20 percent,” Mukherjee told reporters on a lighter note.
Amit Mitra, secretary general of the Federation of Indian Chambers of Commerce and Industry, said: “We expect that in the months to come there will be some adjustments within the industrial sector. However, overall growth should be maintained.”
“With such strident growth in the industrial sector, GDP growth during 2010-11 can also be expected to reach the 8.5 percent target which has been talked about,” added Mitra.
Stock markets cheered the robust data. The 30-scrip Sensex soared after the data was out, rising 209 points from its previous close to touch an intra-day high of 17,131.56 points.