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November IIP grew at 2.4%

January 12, 2009

Indian IIP registered a positive growth of 2.4% in the month of November. The growth was higher and relieving compared to negative growth (de-growth) of 0.4% recorded in the October. However, industrial growth in November was lower than the same recorded in November 2007 at 4.9%.

Most of the economists were expecting flattish or slightly negative number for November. Earlier, the government data showed that output in the core or infrastructure sector grew by 2.2% in November compared with same month last year.

One of the factors that helped IIP come back in green was low base effect of last year. November 2008 growth of 4.9% was lowest in last fiscal. Cumulative growth over the first eight months of current fiscal stood at 3.9% compared to 9.2% in the same month last year.

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