India's manufacturing sector shrinks in 11th Five Year Plan

The Indian manufacturing Sector has witnessed an averaged a growth of 7.7 per cent per annum during the 11th Five Year Plan as against an average annual growth of 9.8 per cent targeted in the 11th plan period, the Minister of Heavy Industries & Public Enterprises, Praful Patel informed Parliament.

Giving this information in written reply to a question in the Lok Sabha, Praful Patel said that the decline in manufacturing growth has been on account of moderation in demand, both domestic and external, hardening of interest rates, slowdown in consumption expenditure, especially in interest-rate sensitive commodities, subdued business confidence and global economic uncertainty.

Regarding targets set for the 12th Five Year Plan, Patel informed the House that manufacturing growth rate of 10 per cent is one of the core set of monitorable indicators in 12th Five Year Plan.

Read more about: manufacturing
Story first published: Monday, September 2, 2013, 12:20 [IST]
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