India’s July industrial output growth slows to 2.1% YoY
India’s July industrial output growth slows to 2.1% YoY
Smoke rises from a steel factory in Raghunathpur. Jharkhand
03 September, 2019, 18:45
It slowed down to 5.2 per cent in April from 5.8 per cent. Infrastructure output consists of eight sectors such as coal, crude oil, and electricity.
Close on the heels of the Narendra Modi government reported GDP growth at a six-year low in the April-June quarter, comes another the new that the growth of the country's eight core industries has plunged to 2.1% in July, against 7.3% in the same period last year, according to official data released on Monday.
The steel sector saw growth moderate to 6.6% compared with 8.4% in June.
Due to the recession in the country, many industries are stagnating.
The eight core sector industries - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - had expanded by 7.3 percent in July previous year. "A pick-up in government spending after the union budget may support cement and steel production in the next few months", said Aditi Nayar, principal economist at ratings agency ICRA. But coal, crude oil, natural gas, and petroleum refinery production declined in the same period.
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IIP numbers for the month of July are expected later this month.
As per data, fertilisers production increased by 1.5 per cent in July 2019 over July 2018.
On a sector-specific basis, the refinery output, which has the highest weightage of 28.03, slipped by 0.9 per cent in July compared with the same month of the last financial year. The coal sector, however, slipped into contraction in July, contracting 1.4% compared with a growth of 3.2% in June.
Production of cement (weight of 5.37 per cent in IIP) increased by 7.9 per cent in July 2019 while cumulative steel production increased by 2.7 per cent during April-July 2019-20.
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