Electrical equipment industry slips into red

For the first time in five years, quarterly growth of electrical equipment industry has fallen in the negative territory. For the quarter October to December 2008, the industry has shown a decline of 1.76% from 7% growth registered in previous quarter. As a result, the consolidated growth for the period of nine months i.e. from April to December 2008, has declined sharply to 4.93% from 8.98% registered till half year of this fiscal year. IEEMA, the apex body representing the Indian Electrical Equipment industry informed that the growth figures reported were in terms of volume. It observed that during this quarter, demand for almost all product sectors was down with a few exceptions like HT Motors, Power Cables, Power Transformers, HT circuit breakers and Conductors.