Published on Sat, Mar 13, 2010 at 14:28 | Source : CNBC-TV18
Updated at Sat, Mar 13, 2010 at 15:01
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Is India getting into a new paradigm of growth?
Finally sterling industrial growth numbers in January at 16.7%, even better the December numbers have been raised from 16.8% to 17.6%. And this fast paced growth was because capital goods grew at a scorching 39% in December and a breathtaking 56.6% in January. So is India getting into a new paradigm of growth?
MM Miyajiwala, Executive VP and CFO, Voltas says, "The sentiment has improved very significantly. We see on the ground people looking at more capital expenditure and even our material handling business, which was having a low pick, has started improving very significantly in the last few months."
"For consumer durables there is a demand which has come back. There is a feeling of well being. People are looking with a lot of optimism to the future. Therefore, people have probably started looking at revising their forecast for the future and accordingly planning for the expansion."
Subba Rao, Group CFO, GMR Infra says, "People have been dusting off the shelves and taking out their blue prints and they are going back to the grounds to set up new capacities. Infrastructure has been gaining a lot of momentum with the new road projects being announced. A lot of capital has been raised and people are investing this capital in the power sector. So these two sectors are seeing significant growth in the infrastructure. Hence, we would see the good times to continue for long time."
Finance Minister quote
Pranab Mukherjee, Finance Minister says, "The index of industrial production in January 2010, both IIP and manufacturing crossed the 10% barrier for the fifth time. This growth is just not merely government expenditure driven growth, manufacturing and industrial production is also contributing in this way."
