By IANS,
New Delhi : India’s industrial production grew 9.1 percent in September, compared to 6 percent in the corresponding month last year, according to the latest official data released Thursday.
This is also an indication of continuing recovery, as industrial production had grown 10.4 percent in August – the highest in 22 months – over that registered in the corresponding month last year.
Total growth of industrial production during the first half this fiscal (April-September) stood at 6.5 percent, as against 5 percent during the like period last year, data released by the Central Statistical Organisation showed.
Manufacturing was up 9.3 percent in September against 6.2 percent in the like period last year, while mining and electricity generation grew 8.6 percent and 7.9 percent during the period under review.
Similarly, the consumer durables sector expanded 22.2 percent in September, the data showed.
According to Industrial Policy and Promotion Secretary Ajay Shankar, the recovery is sustained. “It is a good number. The recovery is broad-based and more sustained.”
Global investment banking and securities firm Goldman Sachs said the Index of Industrial Production (IIP) will continue to tread gradually higher over the next few months.
“We believe the recovery will drive the rupee stronger due to tightening in effective policy rates in 2010. We also continue to recommend short dollar and rupee positions,” it said in a statement.