Industrial
production rose 7% in April 2008 from a year earlier, rebounding
strongly from the previous month's provisional 3% rise, data released
by the government today, 12 June 2008, afternoon showed. Manufacturing
production rose 7.5% in April 2008 from a year earlier, compared with a
provisional 2.9% growth in March 2008.
Economic growth has
slowed down as fall in consumer demand caused by rise in interest
rates. Industrial output rose 8.1% in 2007/08 (April-March) compared
with 11.6% growth in 2006/07.
According to a report on the
Indian economy made at the beginning of this month by Morgan Stanley,
weak consumption growth and slowing business investment will slow
Indias gross domestic growth (GDP) growth to 6.7% in the quarter ending
March 2009 from 8.8% growth in the quarter ended March 2008. It,
however, states that, on a long-term basis, an interplay of three key
macro factors viz. favourable demographics, continuation of economic
reform process by the government, and globalization, justify a gradual
speeding up in Indias pace of growth.
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