Business

Five Month High Industrial Sector Growth Surges To 7% In June

JAVED SAIFI | 0
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| August 11 , 2018 , 20:36 IST

The Industrial sector in the country has attained 7 percent growth in June in comparison to 3.9 percent in May according to the data released by the government on Friday.

The growth has been reported due to all three major sectors- manufacturing, mining and electricity performance that led to five-month high growth.

The cumulative growth for the first quarter stood at 5.2 percent for the fiscal year 2018-19 in comparison to 1.9 percent a year ago for the same period.

Commenting on the Industrial growth in the country Minister of Commerce and Industry, Suresh Prabhu has said, “India’s Industrial production growth improved to 7 percent year on year in June from an upwardly revised 3.9 percent in May, significantly above expectations of analysts momentum has improved.”

Also Read: India Is The Fastest Growing Economy In Asia With 7.3% Growth In 2018: ADB Report

“Several economic indicators are all showing upward trends. Exports, services, industry, even PMI improving,” he added.

According to the official data the mining sector has improved and attained growth of 6.6 percent in June in comparison to previous year 0.1 percent for the same period.

Manufacturing sector recorded a growth of 6.9 percent in comparison to previous year -0.7 percent in June, Electricity sector attained 8.5 percent from 2.1 percent a year ago in June ,Capital goods recorded 9.6 percent growth from -6.1 percent and Consumer durables recorded a 13.1 percent growth from -3.5 percent in June in comparison to year ago for the same period.