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PMEAC sees 6pct industrial growth in FY12

Prime Minister's economic advisory panel Chief Mr C Rangarajan has described the dip in factory output in September as disappointing and said that industry may grow by just 6% in the current fiscal, as against the earlier projection of 7%

Mr Rangarajan chairman of the Prime Minister's Economic Advisory Council said that "Index of Industrial Production for September is bad, but I do see a pick up by the end of March. We had originally expected overall IIP at 7% for the fiscal, but now it could be 6%.”

The index of industrial production slipped to a two year low of 1.9% during September, mainly on account of poor performance of the manufacturing and mining sectors.

Mr Rangarajan said that "The IIP numbers are disappointing. It is well below our expectation adding that to some extent, the decline is contributed by negative growth in the mining sector."

Mining output declined by 5.6% in September this year, as against a growth of 4.3% in the same month last year.