Industrial growth declines to 7.6% in Dec '07
Dismal performance by manufacturing, mining and electricity sectors has pushed down the industrial growth rate to 7.6 per cent in December 2007 from 13.4 per cent in the corresponding month in 2006.
The decline in the index of industrial production (IIP) in December was mainly on account of the manufacturing sector growth rate, which decelerated to 8.4 per cent from 14.5 per cent in the corresponding period last financial year, showed the quick estimates of IIP released on Tuesday.
The mining and electricity sectors too performed poorly during the month, recording growth rates of 3 per cent and 3.8 per cent respectively as compared to 6.1 per cent and 9.1 per cent in December 2006.
The cumulative industrial growth rate (April-December 2007) also slipped to 9 per cent from 11.2 per cent a year ago.
The nine-month growth rate for manufacturing sector declined to 9.6 per cent from 12.2 per cent in the previous fiscal.
Similarly, the growth rates for mining and electricity sectors worked out to be 4.9 per cent 6.6 per cent respectively, compared to 4.4 per cent and 7.5 per cent during the corresponding period of 2006-07.
The industrial growth rate for November 2007 has been revised downwards to 5.1 per cent from 5.3 per cent reported earlier.