THE government on Wednesday expressed the hope that industrial growth will bounce back with the revival of manufacturing sector in the coming months.
“I am hopeful manufacturing sector will revive in the coming months,” commerce & industry Minister Kamal Nath said.
Growth in the country’s industrial production nosedived to 6.4% in September this year compared to 12% in the year ago period due to a poor showing by the manufacturing sector, especially the consumer durables segment.
“The decline is mainly due to a weak dollar against the rupee and the higher base of last year,” Nath said on the sidelines of the CII Health Summit here.
Finance minister P Chidambaram had earlier stated that it was too early to judge a trend.
“I loathe to draw conclusion from a month’s data but overall services and industry will grow perhaps close to 10% this fiscal,” Chidambaram had said.