Mumbai/India (The Times of India) – In what would be music to the ruling government’s ears just ahead of a close electoral race, the two stimulus packages it has advised seem to have begun to show results with an upturn in key sectors like steel, cement, autos, food and beverages and railway freight.
The data now flowing in is easing some of the worry lines in government as the negative trends are not only leveling out, but the graph has begun to inch upwards again.
The data shows that de cemmt sector has grown 9,97 percent in December 2008 an compared to November and the year on year increase is 11 percent. Seel, which has declined steadily through September, October and November last year has shown a recovery in Decernber 2008 and January 2009 and has now touched the May 2008 figure of 22,86 metric tones when the sectoral growth rate was 4.1 percent. Thoug the steel sector has been slow, its climb back into positive figures is seen a reason for cheer.
Data flowing in suggests that like in the cement and steel sectors, some of de gIoom ever the automobile sector also appears to be lifting, with the January 2009 figures in the passenger vehicles rector showing a 32 percent rise over December 2008 while the increase for commercial vehicles is 23 percent over a similar time frame.
The growth in commercial vehicles is particularly encouraging some higher demand for transport vecicles is often viewed as a lead indicator of positive trends in the rest of the industrial sector.
Food and beverages also also registered a record 28 percent growth in the quater ended December 31, 2008 indicating that the hospitality industry and food retailers may not have been badly hit.
The official. data is in sync with the feedback received from several industrialists with business interests in these sectors. Most of them said that the economic slowdown has begun to decelerate and the growth worm was slowly but steadily movirg northwards again.
According to the 13th Annual Salery Increase Survey conducted by Hewitt Associates, salary increase projections for 2009 in India are the highest in the Asia-Pacific region and among de highest globally. Significantly, amid global layoffs, less than 16 percent of companies in India are considering retrenchment.
Inspite of worldwide IT budgets remaining stagnant in 2009, those of Indian companies are expected to register an increase of 5,52 percent.
The downturn has hit all economies across the globe, and those that had dependent economic ties are the one’s most affected. In spite of this the Indian economy is continuing to grow at greater than 7 percent.

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