Monday, 21 October, 2019

India’s industrial output shrinks at fastest rate

India's economic growth rate'much weaker than expected says IMF Slowdown Blues: Factory output declines 1.1% in August as manufacturing slumps
Russell Knight | 12 October, 2019, 16:59

India's infrastructure output fell in August from a year earlier, the first contraction since April 2015, signalling the recovery in Asia's third-largest economy may be slow despite a cut in the corporate tax rate and other policy measures created to spur investment.

Annual industrial output contracted 1.1% in August compared with 4.6% growth in the previous month, government data showed on Friday.

The growth rate of August factory output was lower than the 4.8 per cent achieved during the corresponding month of the previous fiscal.

The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018.

NDTV is one of the leaders in the production and broadcasting of un-biased and comprehensive news and entertainment programmes in India and overseas. Consumer durables contracted 9.1 percent against a 5.5 percent growth in the same period a year ago. This was the first contraction in the sector in the past six months.

"The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2019 stand at 92.1, 129.0 and 165.7 respectively, with the corresponding growth rates of 0.1 per cent, (-) 1.2 per cent and (-) 0.9 per cent as compared to August 2018 (Statement I)". The mining sector showed a growth of 0.1%.

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India's gross domestic product (GDP) growth in the March quarter slowed to a five-year low of 5.8 percent, down from 6.6 percent in the December quarter.

Pant said that going forward, monetary authorities will continue to follow accommodative monetary policy and that further rate cuts are expected in December 2019 monetary policy.

Earlier this year, the International Monetary Fund cut India's gross domestic product growth forecast for 2019-20 by 20 basis points to 7.3 percent, followng similar action by the Asian Development Bank and the Reserve Bank of India (RBI).

Data released by the Ministry of Statistics showed manufacturing and electricity contracted 1.2% and 0.9% respectively while mining output remained nearly flat growing at 0.1%.

"IIP growth has been the lowest in the last 81 months and saw the first contraction after June 2017".

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