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    Industrial output records resounding recovery

    growth rate
    Riding high on the back of double-digit growth in capital goods, industrial production in India picked up pace in April, starting the new financial year on a promising note, with all three major sectors – manufacturing, mining and electricity – contributing to the recovery. The recovery that measured by the Index of Industrial Production (IIP) was 4.9 percent in April compared with 4.5 percent in March, as per the statistical details released by the ministry. As expected, mining and manufacturing drove the uptick in IIP growth in April as the turnaround in capital goods was driven by a favorable base and the performance of commercial vehicles. Mining expanded 5.1 percent in April compared with 3 percent a year earlier, while manufacturing, which constitutes 77.63% of IIP, grew 5.2 percent versus 2.9 percent a year ago. Of the 23 industry groups in the manufacturing sector, 16 showed growth led by computers, electronics and optical products. Performance in April has been helped by a low base effect for consumer durables and capital goods but some industries like electronics, auto, pharma, food, metals and non-metallic products continue to do well, CARE chief economist Madan Sabnavis said, adding that construction equipment, stainless steel utensils, commercial vehicles, steroids and hormonal preparations grew, while output of gold jewelry, mobile instruments, copper bars and knitted readymade garments shrank during the period.
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