Manufacturing booms anticipated in India

Manufacturing booms anticipated in India

The prime minister’s Make in India campaign seems to be working well for the country. As per the latest data, Industrial activity in the nation grew by 5 percent in the month of February this year. The index of the Industrial Production (IIP) indicated 2.6 growth rates in the previous month. The growth rate was 1.7 percent for the December last year and it was 3.8 percent for the November 2014. The dip was 2 percent in last February.

For April 2014-February 2015 the cumulative growth was around 2.8 percent whereas for the last fiscal year it was negative 0.1 percent. The manufacturing and mining sectors are major contributors to the currently industrial outputs. As compared to the 2014 data for the same month of February which shows 3.9 drop in the growth, the manufacturing industry witnessed the growth of 5.2 percent this year. The mining sector observed the growth of 2.5 percent, sharp 2.3 percent increase in growth rate than last year. The power sector can also expect better output as electricity industry grew at 5.9 percent against the 11.5 percent last year in the month of February.

The cumulative growth of manufacturing sector was 2.2 percent for the period between April 2014 and February 2015. This is in contrast with the figures for the year 2013-14 which showed decline of 0.7 percent. The overall picture of the economy is looking very promising as 15 out of 22 industrial components among the manufacturing sector are recording positive growth rates.
 

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