Describing 6.8 per cent industrial growth in January as an indication of strong recovery, Finance Minister Pranab Mukherjee on Monday said efforts will have to be made for promoting mining, capital goods and consumer durables sectors.
“It (the Index of Industrial Production) is 6.8 per in January. There is strong recovery in the backdrop of last December’s figure where IIP grew by 2.8 per cent,” he said, while commenting on the latest data of industrial production.
The sectoral analysis of the data, Mr. Mukherjee said, “Show there is not much progress in capital goods, which is a matter of concern. Consumer non-durable had contributed substantially in this growth, but not so much in consumer durables. In course of time, efforts will have to be made to build up these areas.”
The mining sector, he added, too has not done well and has reported contraction of 2.7 per cent in January.
However, he said, “There is strong revival in growth rate of manufacturing sector at 8.5 per cent in January 2012.”
According to the data, industrial production grew 6.8 per cent in January, mainly due to improvement in the manufacturing sector.
Output of the sector, which constitutes over 75 per cent of the index, rose 8.5 per cent in January, compared to 8.1 per cent in the same month last year.
The capital goods sector, however, witnessed a contraction of 1.5 per cent, as against a growth of 5.3 per cent in the same month last year. Mining output too contracted by 2.7 per cent in January, as against 1.7 per cent growth in the year ago period.