New Delhi: The latest ''quick estimates'' of the official Index of Industrial Production (IIP) for July reveal a year-on-year growth of 7.9 per cent, as against 6.6 per cent for the same month of 2003.

While the index for manufacturing grew by 7.6 per cent (8 per cent), those for mining and electricity went up by 3.7 per cent (2.9 per cent) and 14.1 per cent (1.4 per cent), respectively.

The overall growth rate in the general IIP for April-July 2004 worked out to 7.8 per cent, which is higher than the 5.9 per cent year-on-year increase recorded during the corresponding four months period of 2003.

All the three sectors comprising the IIP have registered higher growth rates so far this fiscal — manufacturing (8 per cent vs 6.4 per cent), mining (5.2 per cent vs 4.8 per cent) and electricity (7.9 per cent vs 2.7 per cent).

The ''use-based'' classification of the IIP provides an equally encouraging picture. The index for ''capital goods'' — a reliable proxy for investment activity taking place in the economy — has shown a growth rate of 14.7 per cent during April-July 2004 (over and above 9.1 per cent), with this trend continuing in the latest month of July as well (16.2 per cent vs 11.2 per cent).