Industry grows by robust 10.3 per cent in October
@sarveshgupta-txtmu5
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Oct 12, 2024
Oct 12, 2024
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Industry grew by a robust 10.3 per cent in October against a paltry 0.1 per cent a year ago, powered by manufacturing, particularly consumer durables, which was driven by the stimulus packages.
The strong industrial production data came days after better-than-expected economic growth of 7.9 per cent in the second quarter of this fiscal, reflecting that the economy would sustain the recovery provided agriculture does not slide too much.
An industrial rebound is catching fire on most accounts, and India's factory output, which showed 10.3 per cent year-on-year growth in October data released on Friday, indicates that the country is next only to China in the global growth game.
WHAT IS DRIVING GROWTH Manufacturing, which accounts for 80 per cent of overall industrial output, grew by 11.1 per cent, higher than the previous month's 10 per cent growth The consumer durables sector grew by a healthy 21 per cent, reflecting a sustained rise in spending on goods such as televisions and refrigerators. The sector has shown 20 per cent growth for four months running.
The strong industrial production data came days after better-than-expected economic growth of 7.9 per cent in the second quarter of this fiscal, reflecting that the economy would sustain the recovery provided agriculture does not slide too much.
An industrial rebound is catching fire on most accounts, and India's factory output, which showed 10.3 per cent year-on-year growth in October data released on Friday, indicates that the country is next only to China in the global growth game.
WHAT IS DRIVING GROWTH Manufacturing, which accounts for 80 per cent of overall industrial output, grew by 11.1 per cent, higher than the previous month's 10 per cent growth The consumer durables sector grew by a healthy 21 per cent, reflecting a sustained rise in spending on goods such as televisions and refrigerators. The sector has shown 20 per cent growth for four months running.