It's 8.1 percent projected growth for 2005-06, says Economic Survey
27 Feb '06
5 min read
1.6 Overall industrial recovery that commenced from the second quarter of 2002-03 continues. After an acceleration of growth of industrial GDP at factor cost at constant 1999-2000 prices from 7.0 per cent in 2002-03 to 7.6 per cent and 8.6 per cent in the next two years, the industrial resurgence is manifest in the projected step up in its growth to 9.0 per cent in the current year. In the current year, industrial growth is driven by robust performances from manufacturing and construction sectors (Table 1.2). Within industry, while manufacturing growth has accelerated steadily from 7.1 per cent in 2003-04 to 9.4 per cent in 2005-06, construction growth has been in double digits in each of the last three years. Substantive commercial bank credit flows to the housing and real estate and retail sectors continue to provide support to the boom in construction and consumer durables. On the negative side, a deceleration in the growth of mining and quarrying, partly due to a fall in the levels of crude oil production as a result of a fire accident in July 2005 at Mumbai High North Platform, has had a dampening impact on overall industrial growth.
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