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Manufacturing sector grows by a record 12.3% in Feb 2007

Apr '07
The manufacturing sector in India grew by a record 12.3% in February 2007, while the cumulative industrial growth in the 11-month period, i.e. April 06 to February 07 has been 11.1% over the corresponding period of the previous year.

This is the first time that Industrial growth has crossed the 11% mark in the last decade. Shri Kamal Nath, Union Minister of Commerce and Industry, has said that the record manufacturing growth is significant in the context the high priority being accorded by the government to manufacturing as a source of employment generation.

Meanwhile, foreign direct investment (FDI) inflows (equity only) in February 2007 amounted to US $ 698 million, compared to only US $ 127 million in February 2006, a huge increase of 450%.

Cumulatively, from April 2006 to February 2007, an amount of US$ 11.89 billion have come in equity, compared to US$ 4.31 billion during the 11 months of the previous year. This marks a growth of 176% in dollar terms in FDI inflows into India cumulatively.

As per the Quick Estimates of Industrial Production, manufacturing sector grew by 12.3% in February 2007. As a result, during April 2006 to February 2007, there was a 12.1% rate of growth in the Manufacturing Sector during the 11-month period.

“This augurs well for the beginning of the 11th Plan, which aims to achieve a growth of 12% per annum in Manufacturing during the entire Plan period”, Shri Kamal Nath said.

Press Information Bureau

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