Industrial growth will be in double digits: Comm Min
Press Trust of India / New Delhi Feb 11, 2010, 20:57 IST
A day ahead of the release of industrial growth figures for December, the government today exuded confidence that industrial recovery is being sustained and factory output will "definitely" expand by double digits in the month.
"The December figures would definitely be again in double digits with most of the sectors which had demonstrated their resilience and capacity to grow have further improved," Industry and Commerce Minister Anand Sharma told reporters.
Sharma said industrial production growth is robust now. "It is sustaining there," he added.
After contracting for a few months after September 2008, industry has recovered backed by stimulus doses given by the government. It expanded by 11.7 per cent in November, the fastest in 25 months.
If December figures are also in double digits, industrial growth will stand be more than 10 per cent in the third quarter.
Industrial growth stood at 3.8 per cent in the first quarter of this fiscal, 9.2 per cent in the second quarter and more than 10 per cent in the first two months of third quarter.
The government cut excise duty by six per cent and service tax by two per cent, besides stepping up public expenditure to provide stimulus to the economy.
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