Industrial output growth drops to 20-month low of 0.1% in February; Retail inflation at 2.86% in March
India's industrial output growth stagnated in the month of February at 0.1 per cent on the backdrop of a slowdown in the manufacturing sector.
- Industrial output growth stagnated in the month of February at 0.1 per cent
- This was on the backdrop of a slowdown in the manufacturing sector
- Capital goods output declined by 8.8 per cent in March
"The quick estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of February 2019 stands at 127.5, which is 0.1 per cent higher as compared to the level in the month of February 2018," news agency ANI quoted an official statement released by the Ministry of Statistics and Programme Implementation.
Cumulative growth for the period April to February 2018-19 over the corresponding period of the previous year stands at 4 per cent. "Growth rates in February 2019 over February 2018 are 1.2 per cent in primary goods, minus 8.8 per cent in capital goods and minus 4.9 per cent in intermediate goods," the official statement added further. The eight core sector industries form nearly 40 per cent of the index of industrial production.
Meanwhile, IIP growth for November 2018 was revised downwards to 0.2 per cent from 0.3 per cent released earlier. The previous low in IIP growth was recorded in June 2017, when factory output contracted 0.3 per cent. The previous low in IIP growth was recorded in June 2017, when factory output contracted 0.3 per cent. The manufacturing sector, which constitutes 77.63 per cent of the IIP, contracted by 0.3 per cent in February as compared to 8.4 per cent expansion a year ago.
Capital goods output declined by 8.8 per cent in the month under review as against 16.6 per cent growth in February 2018. Power sector growth slowed to 1.2 per cent in February as compared to 4.5 per cent a year ago. Mining sector output grew 2 per cent in the month compared to a contraction of 0.4 per cent earlier. Consumer durables and consumer non-durables recorded growth of 1.2 per cent and 4.3 per cent respectively.
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