The statement said that upward revision of Jun 2009, figures to 8.2 per cent as against the earlier estimate of 7.8 per cent was 'particularly encouraging'.
However, the apex Association cautioned that a period would soon begin, where the base effect would help India post good growth figures for the next three quarters.
It added that in next two quarters the industry would become more robust and ready for capacity addition and investments.
Currently, the investment demand is weak and if the industrial growth accelerates as per indication then there could be distinct rise in the non-food credit offtake, said the CII release.
It added that late rainfall in the north-west would deter poor demand condition.
CII has thanked the Government and RBI for maintaining a friendly tax and interest rate environment respectively and hoped that conditions would remain same till Mar 2010.