'There is a possibility, but that is not adequate to compensate in the shortfall in the manufacturing exports.'

Commenting on the IIP growth figure, industry body Confederation of Indian Industry (CII) has said this is encouraging.

'CII is particularly encouraged by the upward revision of the June figures to 8.2 percent as against the earlier estimate of 7.8 percent,' the chamber said in a statement.

However, it also said that too much should not be read into the figures since a period is being entered where the base effect would help India post good growth figures for the next three quarters.

'Although this is not a reflection of the best that the industry can post, but we believe that a definite turnaround has started and the next two quarters would see industry becoming more robust and even starting to look at capacity addition and investments,' the CII said in a statement.

'Currently, the investment demand in the economy is weak and if the industrial growth does indeed pick up as is being indicated, then there could be distinct rise in the non-food credit offtake,' the CII added.