Affordable housing to drive industrial growth: govt

The government today said that affordable housing will drive the construction sector and subsequently the industrial output during the current fiscal.

"Revival is strong in the construction (sector)... affordable housing is the key driver", Department of Industrial Policy and Promotion (DIPP) Secretary Ajay Shankar told reporters on the sidelines of a CII conference on multinational companies in India.

He said all sectors are attracting FDI and the average growth for FDI and IIP would be higher this year.

"We are sure that the average (growth) for this year would be higher... For both Foreign Direct Investment inflow and Index of Industrial Production. We are getting it (FDI) across the sectors," Shankar said.

 

The industrial production recorded a growth of 10.4 per cent in August and the data for September will be announced on November 12.

The three major segments of the industry -- mining, manufacturing and electricity -- have recorded double digit growth during August.

Prime Minister Manmohan Singh while addressing the India Economic Summit yesterday had said that there were clear signs of economic revival and the government would steadily withdraw the stimulus given to the industry to combat impact of global slowdown.

"Growth is expected to be around 6.5 per cent (this fiscal). There are clearly signs of an upturn in the economy. With a normal monsoon next year, we hope to achieve a growth rate of over seven per cent," he had said.