As reported in the front page of 'Hindustan Times ' today ( 13.11.2014 ), ' The Hindu ' ( page 15 ), ' Indian Express ' ( page 19 ), ' Times of India ' ( page 25 ), and in other newspapers, which relied on data released by the Central Statistics Office (CSO), factory output in India, as measured by the Index of Industrial Production ( IIP ) fell by 4.2% in October from a year earlier, the sharpest contraction in 3 years, dashing all hopes of an early recovery. The manufacturing sector which accounts for 75% of total factory output, fell 7.6% in October. Consumer durables output fell 35%,despite the festive season. 16 of the 22 industrial groups in manufacturing showed negative growth in October.
Siddhartha Birla, the President of FICCI, said " The fall in manufacturing growth in October is disturbing, more so because it is broad based, and not limited to a few sectors ".
Vikaas is no doubt taking place very rapidly