CII-Ascon survey projects strong industrial growth of 6.5 per cent

The CII-ascon survey indicated that industry was slated to witness a strong 6.5 per cent growth during this fiscal, and the momentum would continue next fiscal as well if the iraq war is short and India has a good monsoon. ‘A 6.5 per cent increase in industrial output is only half of what is needed. India has to grow at a sustained 8.0 per cent a year to double its per capita income in 10 years. For this to happen, industry must grow at 11 per cent a year,’ CII said in a release.

Referring to the Ascon survey, CII said of the 132 manufacturing sectors surveyed before the outbreak of Iraq War, 15 sectors including two-wheelers, vcr/vcd/dvds, air conditioners and pharmaceuticals have shown growth of more than 20 per as against only four sectors in the last financial year. About 34 sectors grew between 10-20 per cent compared to 19 sectors in the last year, it said, adding about 68 sectors have shown less than 10 per cent growth as against 67 sectors in the previous year, the release said. The sectors showing negative growth have come down to 17 in the current fiscal from 28 in 2001-02, indicating that recovery was broad-based. Of the 57 sectors surveyed for exports, about 22 sectors including cars, cold rolled steel, cement and precision tubes reported 20 per cent increase in exports as against seven in the last year.

About 21 sectors showed growth of 10-20 per cent in exports against eight sectors last year, it said, adding seven sectors registered a growth of less than 10 per cent against 19 in the last year.