New Delhi, October 12
Industrial production declined by 8% in August, mainly due to lower output of manufacturing, mining and power generation sectors, official data showed on Monday.
According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 8.6%, while the output of mining and power segments fell 9.8% and 1.8%, respectively. The IIP had contracted by 1.4% in August 2019.
Mining production declines by 9.8%
According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 8.6%, while the output of mining and power segments fell 9.8% and 1.8%, respectively
Inflation rises to 8-mth high of 7.34% in Sept
Pushed by rising prices of essential kitchen items, the retail inflation rose to an eight-month high of 7.34% in September, making the RBI’s task to push growth by reducing the interest rate even more difficult in coming the days
“It may not be appropriate to compare the IIP in the post pandemic months with the IIP for months preceding the Covid pandemic,” the Ministry of Statistics and Programme Implementation said.
“With the gradual relaxation of restrictions, there has been a relative improvement in the economic activities by varying degrees as well as in data reporting,” it added.
Meanwhile, the contraction in IIP in July has been revised to (-)10.8% from the (-) 10.4% provisional data released last month. Similarly, May IIP has been revised marginally to 33.4% contraction from 33.9% decline. The decline in IIP for June remained unchanged at (-) 15.8%.
The IIP had shrunk by 57.3% in April as most industrial and commercial establishments remained closed.
As per the latest data, the manufacturing sector, which constitutes 77.63% of the IIP, recorded a decline of 8.6% in August 2020, as against a contraction of 1.7% in the same month last year. — PTI