CII welcomes recovery of economy

Commenting on the index of industrial production for April 2015, Chandrajit Banerjee, Director General, CII, stated that "The strong output performance of industry is an indication that recovery is firmly taking roots and turnaround in the investment cycle is imminent".

The figures, which are above market expectations, indicate that green shoots of recovery are currently underway which is also evident by the higher excise duty collections during the month, said Banerjee.

A major positive is the turnaround of the consumer goods segment, especially the consumer durables sector which has displayed positive growth after being in the red during the last year.

The performance of the capital goods sector is also notable. The uptick in car sales in April, as also a rise in order pipelines of corporates revives hopes that the economy is on the mend.

Going forward, the CII said "it is hopeful of growth picking up pace backed by positive sentiment and a flurry of policy initiatives undertaken by the government.