Click to play videoNew Delhi: Industrial production is at a 24-month high and in more good news for companies Infosys' earnings have been better than expected.
IT seems that the season for India Inc has started it off with a bang. IT bellweather Infosys beats street expectation reporting a three per cent jump in its net profit.
This is better than what the markets expected.
Analysts say this quarter will bring in more cheer from the corporate sector.
Infosys says with recovery in sight, more job offers are expected.
"We are planning to hire 6,000 people. Overall we are looking at 25,000 gross hiring. We are now aggressive in hiring, we believe that the recovery has begun. So we should be ready, we should be prepared," says Infosys CEO and MD S Gopalakrishnan.
Even better news came in on the production front.
In November the industrial sector grew at 11.7 per cent, which is the highest growth registered in 24 months. The government says its all the way up from here.
"I have no doubt industrial growth this year will be much better than last year. But whether it will be better than 11.3 per cent in the next six months it is difficult to say," says Planning Commission Deputy Chairperson Montek Singh Ahluwalia.
Manufacturing grew at 12.7 per cent and consumer durable sector at 37.3 per cent.
Other important sectors like mining just scrape through at 3.3 per cent while electricity production rose by just 2.2 per cent.
With quarterly results set to perk up sentiment, a clearer interest rate regime and triggers from Union Finance Minister Pranab Mukherjee's upcoming Budget could take the India growth story into the next orbit.
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