New Delhi, Jul 10: According to the the official data that was released on Friday, Jul 10, India's Index of Industrial production (IIP) grew 2.7 per cent per cent in May 2009 from the previous year.
On a year to year basis, the Manufacturing production rose 2.5 per cent. The government also released the revised number for April's annual growth rate which stood at 1.2 percent down from the provisional figure of 1.4 per cent released earlier.
With this fast expansion in the past eight months, India is believed to be showing signs of recovery. According to experts, the industrial output for the country is bound to increase on the back of favourable provisions made by the Finance Minister, Pranab Mukherjee in the Union Budget 2009-10.
The Union Budget hiked government's spending on rural jobs and eased the tax burden on companies and consumers which will prove favourable for the industries in the country.