Thaindian News

New Delhi, July 17 (IANS) Majority of the country’s manufacturing industries registered double-digit growth in the first quarter of this fiscal, a survey conducted by the Confederation of Indian Industry (CII) and ASCON said.
According to the report, out of the 110 industries covered, 30 recorded growth rates of more than 27.3 percent as compared to 10 industries which registered a growth of 9 percent during the like period last fiscal.

Even the number of industries registering high growth rate went up to 28.2 percent (31 industries) from 16.4 percent (18 industries) in April-June 2010.

The share of industries registering negative and moderate growth also declined to 15.5 percent (17 industries) and 29 percent, respectively, as compared to the growth in the corresponding period of the previous year — 41 percent (45 industries) and 33.6 percent, respectively.

“The industry can do even better, provided an even more conducive environment for the industry is created,” Tata Steel Vice Chairman B. Muthuraman said.

According to the survey, out of 38 industries reporting for sales, 16 recorded excellent growth, eight high growth, eight registered moderate growth and four reported negative growth.

The industries which registered excellent growth include air conditioners (50 percent), vehicle industry (33.2 percent) and refrigerators (32 percent).

The industries which recorded negative growth are polyester staple fibre (-0.65 percent), tea (-4.5 percent), groundnut oil (-28.4 percent) and cigarette and tobacco (-2.0 percent).

“Actions such as faster implementation of ongoing and already announced projects, improving regulatory environment and ensuring timely availability of credit and directing banks to provide easier and cheaper credit, especially for small and medium enterprises, are vital to higher manufacturing growth,” CII director general Chandrajit Banerjee said.