Industry grows 2.7 per cent in May

Showing signs of economic recovery, industry grew 2.7 per cent in May though the growth is much lower than the 4.4 per cent recorded in the corresponding month last year.

Manufacturing sector output during May rose by 2.5 per cent, while the mining sector and power generation grew 3.7 per cent and 3.3 per cent, respectively.

Industrial growth during April, the first month of the current fiscal, was 1.2 per cent, according to the industrial production data released by the government today.

The cumulative growth rate during April-May works out to 1.9 per cent, down from 5.3 per cent during the corresponding period last fiscal. According to the use-based classification of IIP, the capital goods industry continues to record negative growth, dipping by 3.6 per cent during the month.

The consumer durables sector, which include refrigerators, television etc., posted a high growth rate of 12.4 per cent against 2.8 per cent in May 2008, reflecting a pick-up in demand.