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PeerPower : Industry in fine fettle
EDITORIAL

Industry in fine fettle


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Posted on September 12, 2010 | View 431

Now For Some Tough Medicine

After moderating to 5.8% in June 2010,the Index of Industrial Production (IIP) for July 2010 again reverted to trend (for this fiscal),recording double digit growth of 13.1% in July 2010 compared to July 2009.This takes cumulative growth for April-July 2010-11 to 11.4% over the corresponding period of the previous year.What is encouraging is that this robust growth comes despite waning,after May,of the favourable base effect of low growth in the previous year.Better still,it sets at rest fears that the withdrawal (albeit slow) of some of the stimulus measures will impede the recovery process.On the contrary,data released by the Central Statistical Organisation on Friday show that Indian industry,particularly the all-important capital goods industry,is in fine fettle.The machinery and equipment other than transport equipment category grew by an astounding 49.4%,taking growth in this fiscal to close to 30%.Add to that the 25% growth in transport equipment and parts and 31% growth in other manufacturing industries and it is clear Indian industry is in good shape.This is reflected in the use-based classification as well with capital goods recording a 63% growth in July 2010 compared to the previous year.It is possible these estimates will undergo some correction (most likely downward) once final numbers are in.Both April and June 2010 figures have been revised down from 17.6 % and 7.1% to 15.2% and 5.8% respectively.Even so theres no disputing the robustness of industrial recovery.


With the rain gods smiling on us,chances are the farm sector will also do well in which case we should be able to clock a close to 9% GDP growth this year.All the more reason then for the government to spread some of this cheer to the aam admi by becoming more aggressive in reining in inflationary pressures.While the Reserve Bank of India has begun tightening monetary policy,the process of fiscal correction still remains patchy,and the government has refused to decontrol diesel prices or even implement the announced decontrol of petrol prices.Eliminating wasteful subsidies is key to easing the burden of inflation on the aam admi,as well.At the same time,the government has to initiate a holistic new policy package for agriculture to boost yield and aggregate output,rather than merely shift cropping patterns through a shift in support prices.

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