Industrial growth rises to 13.8%

Belying fears of a slowdown, industrial growth accelerated to 13.8 per cent in July from 7.2 per cent in the corresponding month last year, on the back of a 63 per cent jump in capital goods production.

Among the main industry segments, manufacturing activity expanded by 15 per cent from 7.4 per cent a year ago.

Mining sector grew by 9.7 per cent from 8.7 per cent while electricity generation growth slowed down to 3.7 per cent when compared to previous 4.2 per cent growth.

Capital goods industry and consumer durable goods production expanded by 22.1 per cent in July, the same rate witnessed a year ago.

Experts earlier had predicted the industry growth in single-digit number for the month of July because of the base effect.

The double-digit growth in July is commendable because industrial expansion in the previous month was revised down to 5.67 per cent from the earlier estimates of 7.1 per cent.

Industrial growth for the first four months of this fiscal stood at 11.4 per cent from 4.7 per cent a year ago.