Industrial production drops by 1.1 per cent in August, electricity generation declined by 0.9 per cent
New Delhi | Jagran Business Desk: According to the data provided by the Ministry of Statistics and Programme Implementation on Friday, the Industrial production or the factory output of India which is measured by the estimate of Index of Industrial Production (IIP) has shrunk by 1.1 per cent in August as compared to the increase of 4.3 percent in July this year.
The analysts had predicted the industrial output for the month of August to be grown at 1.8 percent, as polled the Reuters. Also, the progressive growth for April-August over the same time period of last year was 2.4 percent.
“Fifteen out of 23 industry groups in the manufacturing sector have shown negative growth during the month of August 2019 as compared to the corresponding month of the previous year," Ministry of Statistics & Programme Implementation said in a press release on Friday.
The statement also states that industrial production growth declined due to the poor performance of the capital goods sector.
The output of the manufacturing sector also showed a decline of 1.2 per cent during August as compared to the growth of 5.2 per cent in August 2018. the manufacturing sector contributes around 77 per cent to the Index of Industrial Production
The electricity generation also drops by 0.9 per cent as compared by the increase of 7.6 per cent in the previous fiscal year, while the growth in the mining sector was flat at 0.1 per cent.
Posted By: Talib Khan