Poor performance of the manufacturing and mining sectors dragged the country's industrial growth down to 5.6 per cent in May, this year, from 8.5 per cent in the same month last year. Industrial growth during April and May, this year, averaged 5.7 per cent, compared to 10.8 per cent in the same period last year.The manufacturing sector grew by just 5.6 per cent in May, this year, against 8.9 per cent in the same month last year. The mining sector grew by just 1.4 per cent in May 2011, against 7.9 per cent in May last year.Commenting on the May IIP numbers, Finance Minister Pranab Mukherjee called them not encouraging. Speaking to reporters in New Delhi Mr. Mukherjee, however, said the monthly figures should not be seen as a trend-setter, and that at least the quarterly figures will have to be taken into account. He also said that the government is in talks with various stakeholders to increase the contribution of the manufacturing sector in the country's GDP.Planning Commission Deputy Chairman Montek Singh Ahluwalia also said the May IIP numbers could not be seen as predictive for the entire fiscal.
News On AIR | July 12, 2011 6:31 PM