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Indian production rises sharply
By Erika Kinetz |
February 13, 2010, Saturday
|
Print Edition
Print Edition
INDIA'S factory output surged 16.8 percent in December, beating expectations, as stimulus measures and rising demand ensured a 12th straight month of industrial expansion, government figures showed yesterday.
The sharp rise is the biggest in at least five years, and will likely encourage the government to follow the central bank's lead in unwinding hefty stimulus measures that have helped Asia's third-largest economy return to near 8 percent growth.
Analysts surveyed by Thomson Reuters had forecast an annual rise of 12 percent.
Consumer durables production shot up 46 percent in December from a year earlier and manufacturing output grew 18.5 percent, the Ministry of Statistics said.
In December 2008, manufacturing output contracted 0.6 percent, and consumer durables production shrank 4.2 percent.
Still, the data add to evidence of a solidifying recovery.
India's car makers have been particularly busy. Production of transport equipment led output gains in December, surging 82.2 percent.
The Ministry of Statistics also revised November industrial production growth from 11.7 percent to 11.8 percent.
The sharp rise is the biggest in at least five years, and will likely encourage the government to follow the central bank's lead in unwinding hefty stimulus measures that have helped Asia's third-largest economy return to near 8 percent growth.
Analysts surveyed by Thomson Reuters had forecast an annual rise of 12 percent.
Consumer durables production shot up 46 percent in December from a year earlier and manufacturing output grew 18.5 percent, the Ministry of Statistics said.
In December 2008, manufacturing output contracted 0.6 percent, and consumer durables production shrank 4.2 percent.
Still, the data add to evidence of a solidifying recovery.
India's car makers have been particularly busy. Production of transport equipment led output gains in December, surging 82.2 percent.
The Ministry of Statistics also revised November industrial production growth from 11.7 percent to 11.8 percent.
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