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Industrial Production Up

India’s Industrial Production grew more than expected in January, stoked by surging Consumer demand. Production at factories utilities and mines increased 10.9 per cent from a year earlier following December’s revised 12.5 per cent gain the Central Statistical Organisation Said in New Delhi. Analysts Expected a rise of 10.1 per cent.

 

          “The Production data suggests consumer demand continues to be strong”, said N.R. Bhanumurthy, an economist at the Institute of Economic Growth in New Delhi. “The central bank may have to raise borrowing costs to remove excess monetary accommodation”.

 

          Rising Consumer demand fuelled by unprecedented bank lending and higher salaries has pushed inflation to nearly a two- year high.

 

          Reserve Bank of India Governor Y.V. Reddy has raised the overnight lending rate five times since January 2006 to a four-year high of 7.5 percent, to slow inflation, currently at 6.1 per cent.

 

          India’s $854 billion economy will probably expand a record 9.2 percent in the year to March 31, following 9 Percent growth in the previous year the government said. That’s the fastest pace after China among the world’s major economies.

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