FY10 industrial output seen higher on yr: Industry Secy

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India's industrial production in the current financial year ending March is likely to be higher compared with last year, Industry Secretary Ajay Shankar said. In 2008-09 (April-March), growth in industrial output slowed down to 2.8% from 8.5% a year ago as the global financial turmoil hurt demand.

For April-August this year, industrial output has shown some signs of recovery and grew 5.8%.

"It is difficult to say how much the IIP will be in a particular month. But in the whole year, we are likely to have a higher industrial output than last year," he said on the sidelines of an industry event. The revival has been strong in the construction sector and affordable housing has been the real driver of growth, he said.

Shankar also said India is likely to attract higher foreign direct investment this fiscal. During April-September, the first half of the financial year, India received FDI worth USD 15.3 billion, as against USD 17.2 billion a year ago. "Both IIP and FDI will be higher on year," he said.
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