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Broad-based industrial recovery a good sign

Indian industry is all set to experience a 'broad-based recovery' after a two-year cyclical downturn, according to the Economic Survey.

The survey says the downturn in industrial growth which commenced in 1996-97, was prolonged due to the east Asian economic crisis and post Pokhran sanctions.

However, the sector is now moving on a rising trajectory and a strong and broad-based nature of recovery is apparent, it says using various macro-economic parameters.

Citing use-based classification, it says basic, intermediate and consumer goods all have recorded accelerated growth and capital goods sector also is doing well.

''The emerging pattern and composition of industrial growth could set in motion mutually supportive forces for a sustained industrial recovery,'' it says.

About the 'feel-good' factors, it points out the high economic growth, low inflation, bullish stock market, bouyant exports, stable exchange rates and a record level of foreign exchange reserves. Corporate results showed an improvement over the last year and various surveys indicated a rise in business confidence.

The improved industrial performance was also reflective of accelerated growth in major core and infrastructure sectors like power generation, steel, cement and petroleum products, revenue earning goods traffic on railways, cargo handled at major ports and new telephone connections.

UNI

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