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India's industrial output dips by 4.3% in September for steepest fall in 8 years

 
India's industrial output dipped by 4.3 per cent in September 2019 as compared to the level in the same month of 2019, the steepest fall in nearly eight  years, official data released here today said.
 
Industrial output had fallen by 1.1% in August 2019, which was the first contraction in industrial production after June 2017.
 
The decline in September is the lowest in the 2011-12 series of IIP, which was unveiled in May 2017. IIP had declined by 0.7% in April, 2012.
 
An official press release, citing the data, said the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for September 2019 stood at 123.3.
 
The cumulative growth for the period April-September 2019 over the corresponding period of the previous year stood at 1.3%.
 
According to it, the Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for September 2019 stood at 86.5, 126.5 and 158.7, respectively, with the corresponding growth rates of (-) 8.5%, (-) 3.9% and (-) 2.6% as compared to September 2018.
 
The cumulative growth in these three sectors during April-September 2019 over the corresponding period of 2018 was 1.0%, 1.0% and 3.8%, respectively.
 
The release said 17 of the 23 industry groups in the manufacturing sector showed negative growth during the month of September 2019 as compared to the corresponding month of the previous year.
 
The industry group ‘Manufacture of motor vehicles, trailers and semi-trailers’ showed the highest negative growth of (-) 24.8%, followed by (-) 23.6% in ‘Manufacture of furniture’ and (-) 22.0% in‘Manufacture of fabricated metal products, except machinery and equipment’.
 
The industry group ‘Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials’ showed the highest growth of 15.5% followed by 9.2% in ‘Manufacture of basic metals’.
 
It said the growth rates in September 2019 over September 2018 were (-) 5.1% in Primary goods, (-) 20.7% in Capital goods, 7.0% in Intermediate goods and (-) 6.4% in Infrastructure/ Construction Goods.
 
Consumer durables and Consumer non-durables recorded growth of (-) 9.9% and (-) 0.4%, respectively.
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

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