India's manufacturing sector grew at a robust 12 percent in September, while foreign direct investment in the country doubled in the first half of this fiscal year.
India's Department of Commerce said the manufacturing industry grew by 12.1 percent in the first fiscal half (April-September), versus 9.5 percent during the year-ago period.
“Industry, and especially manufacturing, growth rates in the last two years exceeded the overall growth rate of the economy," said Shri Kamal Nath, Commerce and Industry Minister. He said industry and manufacturing were major contributors to the economy having a consistently high GDP growth rate in the last two years, making India one of the fastest growing economies in the world.
Meanwhile, during the current fiscal year the equity component of FDI inflows was $4.4 billion, versus $2.2 billion during the same period a year ago. For September, FDI inflows were $916 million as compared to $282 million received during September 2005.
Industrial production registered growth of 11.4 percent in September, and 10.9 percent in the fiscal first half.