Industrial output recovers to 2.7%

The country’s industrial output recovered to 2.7% year on year in May, the highest since the global crisis hit the Indian economy in September last year. The figures released on Friday prompted the government to claim that the economy was bouncing back. Commenting on the figures, finance secretary Ashok Chawla said, “This is what we were expecting, what we have been saying for some time now and except for capital goods and non-consumer durables, the rest are certainly looking much better.