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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India industrial output leaps forecast-busting 13.8% AFP - Saturday, September 11 Send IM Story Print India industrial output leaps forecast-busting 13.8% Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India's industrial output in July surged by a forecast-busting 13.8 percent, data showed Friday, raising chances of further monetary tightening as early as next week to curb stubbornly high inflation. The year-on-year industrial output growth reflected the Asian giant's strong recovery from the global financial crisis and marked a sharp rebound from June's 5.8 percent rise, economists said. "Industrial India is running blister hot," said Frederic Neumann, co-head of Asian economics at HSBC. Analysts said the output increase -- nearly double the consensus market forecast of 7.8 percent -- could tilt the odds in favour of another round of monetary tightening when central bank policymakers meet next Thursday. Manufacturing, which has an 80 percent weight in the industrial output index, rocketed 15 percent in July from a year earlier and included a 63 percent surge in output of trucks, machine tools and other capital equipment. Mining expanded 9.7 percent while electricity output rose 3.7 percent. India reported the impressive numbers as the outlook for many developed economies is deteriorating and fears mount that solid growth rates in emerging Asia could falter. Indian Finance Minister Pranab Mukherjee said he expected average industrial growth this fiscal year to March 2011 to be between 12 and 13 percent thanks to the labour-intensive manufacturing sector "doing well." Julys data came despite aggressive rate hikes by India's central bank that analysts had believed would cool demand for capital and consumer goods. The central bank has increased rates four times since the start of 2010 to curb inflation, which now stands at nearly 10 percent, down from peak levels, but still well beyond policymakers' comfort levels. Friday's output figures underscore concerns that inflation will continue to be a problem as factories operate at peak capacity, struggling to meet soaring consumer demand, economists said. Car sales soared by a third in August to a record monthly high of 160,794 units from a year earlier, figures Thursday showed. "The message for policy-makers is clear -- rates need to go higher. If not, price pressures will fail to recede," said HSBC's Neumann. The Congress-led government has been under relentless pressure from the opposition over its "failure" to protect India's poorest from surging prices and now fears a voter backlash in forthcoming state elections. Analysts said they expected a quarter-point interest rate rise when central bank policymakers meet next week. The manufacturing sector "has emphatically shrugged off" other rate hikes which should ease the central bank's concerns about the shaky global outlook and rate tightening affecting growth, said Matt Robinson of Moodys Analytics. Top-level economic planning official Montek Singh Ahluwalia said the output data put the economy firmly "on track" to achieve the government's 8.5 percent growth target for this fiscal year to March 2011. Data last month showed the economy grew 8.8 percent in the fiscal first quarter, its best performance since 2007, as the country returned to boom levels last seen before the global financial crisis. "In fact, there may be a case to marginally increase the target," Planning Commission deputy chairman Ahluwalia said. 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