Industrial growth at 19-month high

New Delhi: Industrial production was at a 19-month high, growing 4.7 per cent in May on improved performances across sectors, including the manufacturing, mining and power sectors.
A low base also helped push up the growth figures as industrial production in May 2013 had contracted by 2.5 per cent.
The Index of Industrial Production (IIP) for the April-May period grew 4 per cent over the comparable period last year, according to data released by the Central Statistics Office on Friday.
In April-May 2013 the IIP had contracted by 0.5 per cent. Basic goods, capital goods and consumer goods also posted growth under the use-based classification of industrial performance.
“The rise in industrial production for the second month in a row provides a glimmer of hope that the economy could be bottoming out and recovery could be on the anvil,” CII Director-General Chandrajit Banerjee said.