"Manufacturing is actually picking up. The last quarter figure showed that the country's GDP growth will be over 7 percent. It also revealed that manufacturing is growing over 9 percent. Actually, the perception is going around in the circle without looking at the figures," she told reporters during the Make in India Week here today.

The investment offers and MoUs that have been signed so far in the Make in India week are an indicator that manufacturing is gaining traction, she asserted.

Asked about discrepancies in some of the recently released data and their methodologies to calculate, she said even Kaushik Basu - the World Bank economist and former Chief Economic Advisor - has said "there is absolutely no reason to doubt over the figures which have come out".

Notably, industrial production declined for the second month, contracting 1.3 percent in December, mainly due to a drop in manufacturing and capital goods sector.

Factory output as measured by the Index of Industrial Production (IIP) had also declined 3.4 percent in November.

During April-December this fiscal, the industrial output grew 3.1 percent compared with 2.6 percent a year earlier.

The decline in December has been primarily because of a massive slump in output of capital goods, a proxy for investor demand which saw a contraction of 19.7 per cent, as against growth of 6.1 per cent in the same month a year ago.

The manufacturing sector, which accounts for over 75 percent of the index, fell 2.4 percent as against a growth of 4.1 percent in December 2014.

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