Autos, Mobiles Drive Up Economy In H1: CII

New Delhi, Sept 28: | Updated: Sep 29 2003, 05:30am hrs
Automobiles, cellular services, housing finance and software are some of the sectors contributing to the sustained economic growth, according to the latest Confederation of Indian Industry-Ascon survey for the April-September period.

The survey shows that sectors showing excellent and high growth in the first quarter of the current fiscal continue to show similar performance in the July-September quarter. This continuity has been attributed largely to the revival of the economy and an unprecedented pick-up in overall demand in many sectors which were facing negative and moderate growth.

A total of 134 sectors have been covered in the survey. Of the nine sectors showing excellent growth of over 20 per cent, five are in consumer durables, three in intermediate goods and one in the basic goods sector. These include light, medium and heavy commercial vehicles, cars, utility vehicles, V-fan belts, cellular services, housing finance and software (domestic).

In the automobiles sector, medium & heavy commercial vehicles, light commercial vehicles and cars drove up the growth chart during the first half, scooters and mopeds reported negative growth, the survey said.

A high growth of 10-20 per cent has been recorded by 42 sectors, including audio products, air conditioners, personal computers, sanitaryware, construction and personal healthcare. Negative growth has been recorded by 28 sectors including scooters, mopeds, vanaspati, black and white televisions and groundnut oil. The remaining sectorsshowed growth of under 10 per cent.

Aluminum, caustic soda, cement, soda ash, steel, abrasive, auto components, ball and roller bearings, electronic components, fluid power components, nylon filament yarn, polyester filament yarn, polyester staple fibre, refractories, computer hardware, three wheelers and glass products are some of the sectors whose exports have grown over 20 per cent. Electric fans, black and white TVc and precision tubes continue to register negative export growth. Other sectors of a total of 68 have seen moderate to high export growth.

The survey has found an upward trend in overall exports with 28 sectors recording excellent growth, 24 achieving high growth rate and four registering moderate growth .