Monthly numbers do not reflect correct pic: Pranab on Dec IIP

Posted By: Pti
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New Delhi, Feb 11 (PTI) While expressing disappointment atthe low 1.6 per cent industrial output growth during December,Finance Minister Pranab Mukherjee today said monthly numbersdo not reflect correct picture of the economy.

"IIP numbers are very unfortunate and it is disappointingbut it was on expected lines as it was on yearly basis,"Mukherjee told reporters here.

Industrial production, measured by the index ofindustrial production (IIP), slowed to a 20 month low of 1.6per cent in December, from 2.7 per cent in November 2010.

"Monthly and weekly numbers do not reflect correctpicture. Therefore you shall have to take the whole year intoaccount. Let us see how it reflects in the annual picture,"the Finance Minister added.

IIP expansion in December declined to 1.6 per cent, from18 per cent in the same month last year. The growth was alsolow at 2.7 per cent in November.

However, the industrial output expansion was in doubledigit in April, May, July and October months of 2010-11.

The growth in the April-December period was at 8.6 percent, unchanged over the year ago period.

The advance estimates by Central Statistical Organisation(CSO) has estimated the country''s economic growth for thecurrent financial year at 8.6 per cent, as against 8 per centa year ago.

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