Sep 10, 1999|
CMIE paints mixed picture of economy
The Centre for Monitoring Indian Economy (CMIE) has painted a mixed picture of the Indian economy in its 'Monthly Review of the Economy'. According to the think tank, while agricultural output is likely to be adversely affected due to insufficient rains during July and August, the industrial recovery has gained momentum.
According to the CMIE, cement, steel, automobiles, cotton textiles and consumer durables have been the main contributors to industrial growth, which was pegged at 5.6% for the first quarter of the current year. It however cautions that the decline in agricultural incomes, due to the spatial monsoon, might adversely affect the growth momentum in the succeeding months. Moreover, lower growth in non-food credit, investments and non-oil imports reflect the underlying slackness in the economy.
On the energy and infrastructure front, the CMIE has highlighted the dismal performance of the coal and oil sectors, both of which recorded a drop in production. However, electricity generation grew by YoY 5% during July.
The monthly review also highlights the sharp rise in the gross fiscal deficit (April – July), which was 57% of the total budgeted for the entire year.
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