Manufacturing sector drags down overall index in March Lacklustre performance by the manufacturing sector pulled down the growth in Index for Industrial Production (IIP) to a six-year low of three per cent in March 2008 as against 14.8 per cent in March 2007. However, for fiscal 2007-08, the IIP registered a modest growth rate of 8.1 per cent as against 11.6 per cent in fiscal 2006-07.