New Delhi: Industrial production figures released today show some minor improvement which needs to be further strengthened. Overall index has improved from being altogether flat in April to early indication of growth, apex industry ASSOCHAM said today.

“Notable among these developments is that production of basic goods has shown some improvement and the continuous shrinkage in intermediate goods industry has turned around and showing some positive trend”, said Mr Rajkumar Dhoot, president, ASSOCHAM.

Electricity generation and manufacturing sectors have recovered, though the trends are not too robust, said Mr. Dhoot.

The figures clearly indicate that the industrial can recover and resume a higher growth path provided some positive steps are taken to encourage activity, observed Mr. Dhoot.

It is essential that a fresh look is taken in the monetary policy and from a status-quo approach a more growth oriented stance is introduced in monetary policy, said the ASSOCHAM chief.

This is all the more important since clearly any fiscal incentives are ruled out in the light of the current deficit.