New Delhi, April 28 || India's industrial growth, based on the Index of Industrial Production (IIP), edged up to 3 per cent in March this year after slowing to 2.9 per cent in February, according to data released by the Ministry of Statistics on Monday.
The data showed that the manufacturing sector, which provides quality jobs for the country’s young graduates passing out of the country’s universities and engineering institutes, recorded a 3 per cent growth in March compared to the same month last year.
The power sector output grew by a more robust 6.3 per cent growth during the month while the mining sector proved to be a laggard with a mere 0.4 per cent growth in March.
Within the manufacturing sector, 13 out of 23 industry groups have recorded a positive growth in March this year compared to the same month of the previous year. The top three positive contributors for the month are – "Manufacture of basic metals" (6.9 per cent), "Manufacture of motor vehicles, trailers and semi-trailers" (10.3 per cent) and "Manufacture of electrical equipment" (15.7 per cent), according to the official statement.
In the industry group "Manufacture of basic metals", item groups "Flat products of Alloy Steel", "Pipes and tubes of Steel", and "Bars and Rods of Mild steel" have shown significant contribution in growth.