Indian industry slows output to 11.5%
By Da Yan |
July 13, 2010, Tuesday
|
Print Edition
Print Edition
INDIA'S industrial output slowed in May while still sustaining a double-digit rate of growth for an eighth consecutive month, government figures showed yesterday.
Industrial production grew 11.5 percent from a year earlier compared with a 17.6 increase in April, the Ministry of Statistics said, as Asia's third-largest economy returns to pre-financial crisis levels of growth.
The extremely high growth rate of the previous few months was not a sustainable level for the country, said D.K. Joshi, chief economist at Crisil, a research and ratings agency.
Part of the reason for the rapid growth was that industrial production in the previous year had been weakened by the global recession creating a low base for comparison, he said. The nation's industrial production only rose 2.1 percent last year in May.
Manufacturing output rose 12.3 percent in May, mining increased 8.7 percent and electricity 6.4 percent. Capital goods surged 34.3 percent, and production of consumer durables grew 23.7 percent, according to the ministry. Metal products and parts led growth in the industrial sector, expanding 39.8 percent from May 2009.
Industrial production grew 11.5 percent from a year earlier compared with a 17.6 increase in April, the Ministry of Statistics said, as Asia's third-largest economy returns to pre-financial crisis levels of growth.
The extremely high growth rate of the previous few months was not a sustainable level for the country, said D.K. Joshi, chief economist at Crisil, a research and ratings agency.
Part of the reason for the rapid growth was that industrial production in the previous year had been weakened by the global recession creating a low base for comparison, he said. The nation's industrial production only rose 2.1 percent last year in May.
Manufacturing output rose 12.3 percent in May, mining increased 8.7 percent and electricity 6.4 percent. Capital goods surged 34.3 percent, and production of consumer durables grew 23.7 percent, according to the ministry. Metal products and parts led growth in the industrial sector, expanding 39.8 percent from May 2009.
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