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Robust industrial growth recorded in 2006-07

27
Mar '07
The period April-December 2006 saw one of the highest industrial growth rates ever since the industrial liberalization process was initiated in 1991, according to the Annual Report of the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) released earlier this week. This period witnessed an Industrial growth rate of 10.8% compared to an 8% growth rate in the corresponding period last year.

The growth was led by the Manufacturing sector, which grew by 11.8% in the same period. Meanwhile, the capital goods sector maintained its robust performance recording a 17.5% growth (Apr-Dec 2006) on top of a 15.7% growth in the corresponding period last year. "This has been possible due to new investment and capacity addition by the industry. This augurs well for the future growth of Indian Industry because plants, machinery and mother goods, which constitute this sector are needed for further production", notes the Annual Report.

The infrastructure sector has also shown consistent growth with all the six core industries viz. electricity, crude petroleum, petroleum refinery products, coal, steel and cement registering positive growth rates. Overall, these sectors grew by 8.3% during April-December 2006 compared to a 5.5% growth in the same period last year.

India's forex reserves stood at US $ 193.12 billion on February 23, 2007 up from US$ 151.62 billion at the end of March 2006. The continued surge in forex reserves reflects continued inflow of foreign capital, investors' confidence and good performance of exports. Further, FDI inflows (equity capital components only) during April-December 2006-07 had been US $ 9,272 million against US $ 3,697 million in corresponding period last year representing an increase of 151%.

FDI inflows (equity component only) during the period April-December 2006-07 had been US $ 9,272 million (US $ 9.2 billion) against US $ 3,697 million (US $ 3.6 billion) in the corresponding period last year, representing a record increase of 151%, and reflecting the confidence that foreign investors repose in the Indian economy.


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