India First Edition

IIP data reinforces hopes on 8% GDP growth: CII

Rebound in Industrial Production Growth reinforces belief in 8%+ economic growth for 2008-09: CII

CII feels that the recovery in IIP growth to 7.1% in July as compared to 5.2% growth during April-June’08 is quite encouraging. This recovery reinforces CII projection of GDP growth of above 8% for 2008-09, said a statement issued by CII here today.

The resurgence in growth of mining and manufacturing sector highlights the point that moderated growth registered during the first quarter was not the beginning of a sustained slowdown. CII has observed that double-digit growth in both Capital and Consumer durable goods is a sign of healthy investment and consumer spending in the economy. Higher infrastructure sector growth in July also shows that the Indian growth story is still very much intact, the CII statement said.