The lack of positive data flow from the monsoon is already making economy-watchers talk gloom and doom.
The Centre for Monitoring Indian Economy (CMIE), in its monthly report, said that the Indian economy is likely to suffer on account of a poor agricultural performance in 2009-10.
The report indicated that industrial production in the current fiscal could dip to 4.8 per cent from 5.1 per cent.
Being more commodity-specific, CMIE said that the impact on sugarcane production, and as a corollary, on sugar production, would be to the tune of 8 per cent.
However, CMIE indicated a positive fount of news too that is likely to spur the economy. It said that producers are raising cement capacities, which will most likely increase by 27 per cent, aluminium by 25 per cent, commercial vehicles by 50 per cent, cars 25 per cent and two-wheelers by 18 per cent, PTI reports.
These will be the saving graces that will keep industrial production at 4.8 per cent in FY10 -- during 2008-09 growth was at 2.4 per cent.
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