ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Industrial High Jinks

Industrial High Jinks The brightest spot in the government's management of the economy, official spokesmen keep telling us, has recently been the performance of the industrial sector. Industrial production, as measured by the Central Statistical Organisation's new index numbers, rose by 8.7 per cent in 1985-86 and by 8.9 per cent the next year. These are impressive growth rates compared to the Seventh Plan's industrial growth target of 8 per cent per annum. But industrial growth in the current financial year as claimed by the government is apparently even better. In the first four months of the year the industrial production index was as much as 12.6 per cent above its level in the corresponding period of last year. Not just that; while the overall index had shown a rise, albeit a small one, in 1986-87 over 1985-86, the manufacturing sector (one of the three constituents of the index, the other two being mining and quarrying and electricity) had shown a slackening of growth from 9.7 per cent to 9 per cent. But in the first four months of 1987-88 the growth of manufacturing touched 14.4 per cent compared to 5.6 per cent for mining and quarrying and 9.8 per cent for electricity. Manufacturing industry, it would appear, is actually playing the sheet-anchor role.

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