NEW DELHI (Commodity Online): On the back of sharp improvement in industrial performance, India expects the country's economy to grow faster during 2012-13 fiscal than previous, according to the Finance Ministry.
The reversal of the growth from negative to positive was largely on account of the rebound in the growth of manufacturing sector which increased to 6.6% in November, 2011 compared to a contraction of 5.7 % in October, 2011.
Meanwhile, the growth achieved by the country during the first half of the 2011-12 was 7.3%.
The sectoral deployment of bank credit indicates that credit growth to manufacturing at 21.8% year on year in November, 2011 is higher than the rate of growth of credit in November, 2010. In the financial year (April-November), so far the credit growth to manufacturing sector has been 9.1% compared to a credit growth of 5.9% in 2010, 4.8% in 2009.
The credit growth has been fairly robust in sectors like mining & quarrying, paper and paper products, petroleum products, glass and glassware, basic metals, transport equipments & parts and Gems and jewellery.
