Corrective measures needed to improve industrial output: Pranab Mukherjee

Union Finance Minister Pranab Mukherjee on Wednesday said corrective measures were required to control high inflation and improve industrial output, which hit an 18-month low in November.

“We have to look into it and take correction measure so that in next three-four months situation improves. Let us hope so,” Mukherjee told reporters here.

He said high inflation and lower IIP (index of industrial production) are matters of concern.

India’s industrial output in Nov 2010 grew at a rate slower than expected at 2.7 percent as compared to 11.3 per cent a month ago. It is the lowest in 18 months.

India is also battling a high food inflation.

The food inflation had touched 18.32% in the week ended on Dec 25 with prices of onion bringing tears in the eyes of the consumers.