Commerce and Industry Minister Anand Sharma today expressed hope that high industrial growth would be sustained in March as well, the data for which will be out on Wednesday. "The broadbased (industrial) growth will be sustained. There is no reason why it will not, because we have moved very firmly into the positive growth territory," Sharma told reporters here.
Already, the core sector, which constitutes around one-fourth of total industrial production, expanded by over seven per cent in March. It can be recalled that the country's factory output expanded in double-digits in February, the sixth month in a row, growing by 15.1 per cent.If the industrial production, indeed, expands by around 15 per cent in March, it would help the overall economy clock 7.2 per cent growth during 2009-10, as estimated by the government.
The year was marred by a weak monsoon, which badly impacted farm output, besides poor exports growth due to the demand slump in advanced economies following the global financial meltdown that began with the fall of Lehman Brothers in September, 2008.The stimulus packages and revival of domestic demand, however, helped industry post an improved performance, enabling the economy to recover faster than most other countries from the impact of global financial crisis.
Economic growth slowed to 6.7 per cent during 2008-09, from over 9 per cent in the previous three years, after the crisis hit the economy.