India’s industrial output is expected to grow by 5.1% in financial year 2012-12, higher than last year but below the seven-year average, an economic think-tank has said, according to a Press Trust of India(PTI) report published by the Times of India Sunday. “We expect the year 2012-13 to be below average for the Indian industry in terms of production growth. The index of industrial production (IIP), which is the official measure of industrial growth in India, is expected to rise by 5.1 per cent in FY’13,” Centre for Monitoring Indian Economy (CMIE) said in its monthly review. This will be much slower than the average annual growth of 7.9% posted by the index between its base year 2004-05 and 2011-12. However, the growth will be much higher than the 2.9 per cent in 2011-12, it said.