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After responding to economic reforms with vigour and registering a robust growth rate of 11.7 per cent in 1995-96, industry recorded a growth rate of only 9.8 per cent in April-October 1996 compared with 11.7 per cent in April-October 1995. However, this slowdown cannot be regarded as an onset of a recession, and the industrial growth rate at 9.8 per cent in April-October 1996 is favourable compared with the industrial growth rate of 4.4 per cent in April-October 1993 and 9.6 per cent in April-October 1994 (Table 7.1). The graph in figure 7.2 also indicates that the successive peaks of the Index of Industrial Production (IIP) maintain an increasing trend and the valleys are getting shallower over time...
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