India's manufacturing industry is likely recovering on a moderate growth in production in the last quarter of 2008-09, reported the media, citing a survey conducted by the industry body, CII.
The CII ASCON survey revealed that sectors such as fertilisers, pig iron, steel and moped recovered showing a moderate growth of up to 10% in production with others like vanaspati moving from moderate to high growth ranging from 10% to 20% in the fourth quarter of FY09. Sectors such as industrial gases, power transformers and electric two-wheelers have shown excellent production growth of over 20%, the survey said.
Sectors like cement, sponge iron, auto components, auto industry including cars, two-wheelers and consumer durables continue to see moderate growth of up to 10%. Sectors such as edible oils, medium & heavy commercial vehicles, light commercial vehicles, multi-utility passenger vehicles and capital goods reported a sequential production decline in the fourth quarter.
However, on a year-on-year basis, growth in manufacturing sector has declined. Only 6% sectors reported excellent growth in FY09 compared to 15% sectors a year ago. Also 30% sectors showed decline in production compared to 6% decline in FY08.
The CII Director General Chandrajit Banerjee reportedly said that although the manufacturing industry growth slowed down in FY09, there exist some sectors that showed marginal pickup in the second half of 2008-09, reflecting cautious optimism on signs of recovery.
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