IIP slumps 1.8 pct, shrinks for first time in four months
NEW DELHI (Reuters) - India's industrial production contracted for the first time in four months in October in a sign that economic recovery remains fragile, government data showed on Thursday.
Industrial output slumped 1.8 percent in October after growing 2 percent in September. Analysts polled by Reuters had predicted industrial output would contract by 1.2 percent for the month.
The manufacturing sector, which constitutes about 76 percent of industrial production, contracted 2 percent from a year earlier, the statistics ministry said.
Capital goods production, a barometer for investments in the economy, grew 2.3 percent in October from a year earlier.
Industrial activity was hit as the infrastructure output, which includes coal, electricity, cement, crude oil and steel factories contracted.
Output in those industries, which account for more than one-third of overall factory production, fell 0.6 percent annually compared with a reading of 8 percent in September, data released earlier showed.
(Reporting by Manoj Kumar; Editing by Frank Jack Daniel)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- India Inc happy with Modi, but holding back on investment: poll
- Modi to launch plan for every Indian household to have bank account
- Angelina Jolie and Brad Pitt wed in France - media reports
- UPDATE 2-Blast shakes BP's largest US refinery at Whiting, Indiana -local media
Prime Minister Narendra Modi promised on Thursday to end "financial untouchability" with a scheme to ensure the majority of households in his country of nearly 1.3 billion people has a bank account within months. Full Article
Adani buys Australia coal mine royalty rights from Linc for $145 million Full Article