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India's Industrial Growth Accelerates In August

Country's manufacturing sector grew 10.4 percent and mining output surged 17.1 percent from a year ago, pushing overall industrial growth up 10.7 percent.

NEW DELHI (AP) — India's industrial output grew 10.7 percent in August, stronger than in previous months, on the back of robust manufacturing and mining, the government said Friday.
The manufacturing sector grew 10.4 percent, while mining output in August surged 17.1 percent from a year ago. Electricity generation rose 9.2 percent.
In July, industrial output rose 7.1 percent.
The acceleration in August helped industrial output average 9.8 percent growth in the April-August period, the first five months of the current fiscal year ending in March 2008.
The latest numbers also supported forecasts by the government and several research agencies that India's broader economy would grow about 9 percent for the third straight year.
The Indian economy expanded 9.4 percent last year, its strongest showing in 18 years. That pace was expected to moderate through this year following monetary tightening by the central bank.
The central bank has repeatedly increased interest rates over the past year to keep inflation under check and prevent the economy from overheating.
The numbers released Friday were far above expectations. Analysts polled by Dow Jones Newswires predicted industrial output to grow 9 percent in August.
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