With the slowing economy, index of industrial production (IIP) has scaled down by 1.8% in June, raising concerns about the countries growth in this fiscal. Albeit, Planning Commission’s Deputy Chairman Montek Singh Ahluwalia has expressed his disappointment in the figure, though affirmed optimism on steps announced by Finance Minister P Chidambaram’s for revival would help in boosting economic growth of the nation.
He pointed out that the measures planned by the government to boost the economic growth is expected to show results only by second half of the fiscal, probably by September. The industrial production had contracted by 1.8 percent in June mainly due to the poor showing by manufacturing and capital goods sectors, reflecting persistent slowdown in the economy.
Growth in factory output, as measured by the index of industrial production (IIP), was 9.5 percent in June, and 6.9 percent in April-June quarter of 2011-12.However, the industrial output in April-June quarter of 2012-13 declined by 0.1 percent.