FM conveys concern over IIP figures to Industry Minister | business | Hindustan Times
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FM conveys concern over IIP figures to Industry Minister

Finance Minister P Chidambaram appeared to be sceptical over the industrial production figures, which showed a plummeting of industrial growth to 1.3 per cent.

business Updated: Oct 10, 2008 18:36 IST

Finance Minister P Chidambaram on Friday appeared to be sceptical over the industrial production figures, which showed a plummeting of industrial growth to 1.3 per cent, and said he has conveyed his concerns to the Ministry of Industry.

"There are certain concerns about the IIP figures and I have conveyed these concerns in the past and today to the Ministry of Industry," he told PTI reacting to the data on Index of Industrial Production released by the government.

Appearing to be sceptical over the figures, he said "growth in capital goods in July was 20 per cent. This has fallen to 2.3 per cent in August. There cannot be such a dramatic shift in capital goods production. It can't take place.

"Therefore I have asked them to do a double check on these numbers. In July the figures were revised from 7.1 per cent to 7.4 per cent," he said adding that if these are the numbers then the performance of August is not very satisfactory.