India's industrial production slowed down to 8.6 per cent in February 2008, compared to 11 per cent a year-ago, but belied apprehensions of a major slowdown after dismal figures for the previous month, giving RBI some headroom to tighten money supply for combating the surging inflation.
Industrial growth, as measured by Index of Industrial Production (IIP), was much higher than 5.3 per cent in January and even reversed the negative ouput growth witnessed in consumer durables goods.
For the first 11 months of last fiscal, industrial growth stood at 8.7 per cent against 11.2 per cent a year ago, according to figures released by the government. In February, electricity generation grew by 9.8 per cent from a low of 3.3 per cent a year-ago.
Manufacturing, which occupies the highest weight of around 80 per cent in IIP, grew at 8.6 per cent against 12 per cent in February, 2007. It was higher than 5.9 per cent in January.
However, consumer durable goods sector, which grew by negative 3.1 per cent in January, rose by 3.3 per cent in February against 1.8 per cent a year-ago. Mining output maintained growth rate of 7.5 per cent in February this year.
For April-February 2007-08, electricity generation was 6.6 per cent against 7.2 per cent in the corresponding period of last year.
Manufacturing growth was 9.1 per cent against 12.2 per cent, but mining output expanded at higher pace of 5.1 per cent against 5 per cent.
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