Full speed ahead for Indian industry

Full speed ahead for Indian industry

The Indian manufacturing industry showed pleasing growth during the previous fiscal year (April 2004 – March 2005), according to a survey by the Confederation of Indian Industry (CII). The survey indicates that the production of 34 sectors out of 134 showed excellent growth of more than 20% year on year. Another 43 recorded high growth of 10-20%, while 49 sectors showed moderate growth of 0-10 percent. Only eight sectors shrank in terms of production. Oil, sponge iron, auto components, boilers, diesel engines, textile machinery were among the excellent growing sectors in terms of production. Forgings, industrial valves, machine tools, pumps, transformers were in the high growth category. In terms of sales growth in 68 sectors, 16 showed excellent growth, 23 high growth and 22 moderate growth. Sales declined in seven sectors. Sponge iron, auto components, electronic components, diesel engines, textile machinery, industrial furnace, tractors, and transmission line towers showed excellent growth in their sales. Furthermore, 20 of the sectors saw excellent growth in exports. 17 experienced high growth, 10 moderate growth, while 9 sectors saw their exports decline. Auto components, ball and roller bearings, and electronic components all witnessed excellent increases in their exports. Castings, machine tools, mopeds and IT hardware saw high growth. On the other hand, exports of pig iron, caustic soda, cold rolled steel, diesel engines and black & white TVs declined.