"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)". Intermediate goods showed a growth of 7 per cent, whereas infrastructure and construction goods declined by 4.5 per cent. Consumer durables showed a decline of 9.1 per cent, while consumer non-durables grew by 4.1 per cent.
India's industrial output contracted 1.1% in August compared to the same month previous year, government data showed on Friday.
The factory output growth declined in August on account of poor show by capital goods and consumer durable sectors, official data released on Friday showed.More news: Boeing and Porsche Working on Sleek Futuristic Flying Car — Meet George Jetson
The production of Primary goods grew 1.1%, while capital goods fell by 21%.
"The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of August 2019 stands at 126.6, which is 1.1 percent lower as compared to the level in the month of August 2018".
India's factory output contracted 1.1% in August as against a growth of 4.2% reported a month ago, thus signaling a deepening economic downturn. Annual GDP growth slowed to 6.8 percent for the year that ended on March 31 from 7.2 percent in the previous year.More news: Mastercard, Visa, EBay, Others Exit Facebook's Libra Coin Project
This is the first instance of a contraction in the index of industrial production in over two years. This is the first contraction after June 2017.
The national income data have reinforced signs that were emanating from a slew of shop-end data, such as auto and consumer goods sales, often seen as proxy indicators to gauge trends in household spending. Economists said they expect the sector to witness a rebound on the back of revival in the rural economy and an upswing in demand due to the measures unveiled by the government.
India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown that could prompt the central bank to cut its key policy rate for the sixth time in December. So far this year, it has lowered the policy rate (or the repo rate, at which the RBI lends to commercial banks) by 135 basis points.More news: Has Liam Hemsworth Officially Made A New Love Connection?