Mukherjee hails recovery in industrial sector

New Delhi, Mar 12 (ANI): Finance Minister Pranab Mukherjee on Monday hailed the recovery in the industrial sector.

"IIP (Index of Industrial Production) number from the month of December upon the month of January has been released. It is 6.8 percent in the month of January 2012 over January 2011. There is strong recovery in the backdrop of last December's figure where the IIP grew only by 1.8 percent. So, taking April to January now the IIP growth stands at 4 percent," he told the media here.

Mukherjee witnessed growth in the manufacturing and power sector, while there was a dip in the mining sector.

"Mining sector continues to be negative at minus 2.7. Electricity sector has grown at 3.2 that is strong revival in the growth rate of the manufacturing sector at 8.5 percent in January 2012 vis-?-vis January 2011," he added.

Mukherjee further said that efforts would be made to develop the capital goods sector.

"However, there are sectoral analysis (which) shows that there is not much progress in capital goods which is a matter of concern. Consumer non-durables, they have contributed substantially in these but not so much of the consumer durables," said Mukherjee.

"In course of time, efforts will have to be made to build up these areas," he added.

The Indian economy is forecast to expand at its slowest pace in three years in the fiscal year that ends on March 31.

Pranab Mukherjee will present annual budget for 2012-13 on March 16, and is widely expected to announce measures to cut fiscal deficit and boost growth. (ANI)