Sluggish industrial output may call for stern measures, says Pranab Mukherjee

   Apr 12, 6:06 pm

New Delhi, Apr 12 (ANI): The Union Finance Minister Pranab Mukherjee on Thursday said the industrial output rose at a much slower-than expected 4.1 percent in February, weighed down by a contraction in consumer durables and consumer goods.

Expressing disappointment over the slow growth rate, Mukherjee said: "The IIP (index for industrial production) figures for February 2012 have been released today. The over all growth is estimated at 4.1 percent over February 2011. IIP figures for January 2012 have also been corrected because of which the January 2012 growth has come down from 6.8 to 1.1 percent and that has also reflected the overall annual numbers.

"This is disappointing. The revival in manufacturing in the last quarter of 2011-12 has not materialised as anticipated," said Mukherjee.

Pointing at the uncertainties of the global economy Mukherjee further said that it has affected the investment recovery as well.

"Though, growth in the capital goods for the month of February 2012 over February 2011shows an expansion of 10.6 percent, domestic industry recovery remains frail. The uncertainties from the global economy after the monitory tightening over the past the two years have impacted investment recovery," said Mukherjee.

Mukherjee also said the slow growth rate will have an impact on the monetary policy and it would compel the Reserve Bank of India to take some stern measures.

"The domestic demand growth has also moderated considerably as it is revealed by the negative growth in consumer goods in February 2012. These figures will have the bearing on the monitory policy announcements scheduled for the next week. The government along with the RBI will take the required steps to revive the investment activity in the economy," he added. (ANI)

Android co-founder Andy Rubin leaves Google to lead 'Incubator' Oct 31, 3:51 pm
Washington, Oct 31 (ANI): Google's Andy Rubin, the founder of the most widely used operating software Android, is leaving the search engine giant to lead a startup named Incubator.
Full Story
Xiaomi becomes third largest smartphone maker in just three years Oct 31, 3:51 pm
Washington, Oct 31 (ANI): Xiaomi Corp has made it to the top-three smartphone making companies in just three years of launch, outselling rivals with low-budget smartphones packed with high-end features.
Full Story
LinkedIn's Q3 sales beat estimates with 568M dollar sales Oct 31, 3:51 pm
Washington, Oct 31 (ANI): LinkedIn reported its results for the third quarter of the year, beating the estimates on sales 568 million dollars, up 45 percent compared to a year ago and sales of 393 million dollars and non-GAAP earnings per share of 0.52 dollar.
Full Story
Samsung to reform smartphone product line post dire profit report Oct 31, 3:51 pm
Washington, Oct 31 (ANI): Samsung has reported that its operating profit has come down 60 percent, and income from sales is down by 20 percent, leading the company to fundamentally reforming its smartphones.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY