IIP to maintain double digit growth: Montek

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IIP to maintain double digit growth: Montek
New Delhi, Dec 11: The Planning Commission on Friday, Dec 11, said that the double digit industrial growth momentum would be maintained in the coming months.

Speaking to reporters, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, "To get a growth rate well above 10 percent is not just a base effect. There is an element growth that is taking place, which I hope will be sustained."

Industry grew by a robust 10.3 per cent in Oct 2009 against a paltry 0.1 per cent in the same month a year ago, powered by manufacturing, particularly consumer durables.

Pointing out that the government efforts are yielding results, Ahluwalia said, "We have been saying consistently that the stimulus is taking effect and the recovery process is therefore gaining ground ... our forecast about improvement in economic growth is accurate and we would be able to maintain this momentum in coming months."

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