NEW DELHI, AUG 12: Buoyed by a steady performance of manufacturing sector especially consumer durables, industry recorded a modest 5.6 per cent growth in first quarter (Q1) of current fiscal up from 4.5 per cent in corresponding period last year, giving firm hopes of revival.In June 1999, industrial output grew by 5.5 per cent and the general index stood at 144.6 compared to a growth of 4.8 per cent in the corresponding period in 1998.
Manufacturing and electricity sectors grew by 6.5 per cent and 4.1 per cent in June while the mining output dropped by 1.5 per cent, quick estimates of index of industrial production (IIP) released by the Central Statistical Organisation (CSO) showed.
Cumulatively also, manufacturing and electricity sectors grew by 6.5 per cent and 5.1 per cent in the period April-June 1999 while the growth in electricity sector declined by 0.6 per cent.
As per use-based classification, the growth in June 1999 as compared June 1998 is 9.9 per cent in intermediate goods, 4.5 per cent incapital goods and 3.7 per cent in basic goodsThe consumer durables and consumer non-durables have recorded growth of 11.1 per cent and 1.7 per cent respectively with the overall growth in consumer goods being 3.6 per cent.
In April-June 1999, consumer goods sector grew by 3.7 per cent mainly on account of a 15 per cent growth in consumer durables. Capital goods rose by 4.5 per cent in June and 10.3 per cent in the first quarter.Basic goods, which account for over one-third of the total weight of IIP, recorded a growth of 3.7 per cent during the month and 2.8 per cent in the first quarter.
Ten out of 17 industry groups in the two-digit classification has shown a positive growth rate during June 1999 as compared to corresponding period the previous year.
Machinery and equipment other than transport equipment have shown the highest growth of 20.8 per cent followed by 16.7 per cent for non-metallic mineral products and 16.4 per cent for wool, silk and man-made fibre textiles.
Transport equipmentproduction fell by 5.1 per cent. Metal products and parts recorded a negative growth rate of 16.8 per cent and other manufacturing industries (-27 per cent).
Food products recorded a negative growth rate of 2.1 per cent while beverages production declined to 10.6 per cent compared to 12.8 per cent in June 1998.
Cotton textiles recorded a negative growth rate of 3.5 per cent while manufacture of jute and other vegetable textiles grew by 17.1 per cent. Wood and wood products, furniture and fixtures growth recorded a negative 16.8 per cent growth rate.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.