For the month of November, official figures have confirmed that the 6 core industries of the country managed to grow at a 3 month high yearly rate of 5.3%, hinting that there was a very likely overall industrial growth for the month, as these key industries have a much substantial impact in the Index for Industrial Production (IIP).

Because of the base effect, however, the growth seems to be somewhat over-stated. In November 2008, the core industries of crude oil, refining, coal, electricity, cement and steel had recorded a growth of 0.8%.

"There is too much of noise in the system and I will wait for the third quarter economic growth figure before taking a call on the strength of the recovery", said D K Joshi, Principal Economist at credit ratings agency CRISIL.

Out of the 6 key sectors, crude oil was the only industry that recorded a negative growth for the month, on the back of, according to analysts, a steady fall in productivity of oil wells.

All other segments, however, managed to bag considerable growth figures.

The development has now sounded an optimistic chime, and experts are positive of a high GDP figures for the current year.