Industrial output doubled in July

Industrial output nearly doubled to 13.8 per cent in July, dispelling fears of a dip in demand and giving an impetus to achieving 8.5 per cent economic growth this fiscal. The Index of Industrial Production (IIP) data for July, released on Friday, showed that the output of capital goods, used by the manufacturing industry, soared to 63 per cent from 1.7 per cent a year ago. The manufacturing sector output grew 15 per cent in the month against 7.4 per cent a year ago, setting at rest doubts on economic expansion growth.