Dismal start to new fiscal year as industrial output falls by 0.8%


India’s fiscal year started on a gloomy note in 2016 as the official data showed on Friday that the country’s factory output had fallen by 0.8 percent in April against a marginal growth of 0.30 percent in the month before and 3 percent in April last year, .

An ANI reports quoted the data on Index of Industrial Production (IIP) released by the Central Statistics Office (CSO) stating that the fall was mainly on account of a 3.1 per cent drop in manufacturing output, which also has the maximum weight in the overall index.

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Among the other two major sub-indices, while the one for electricity generation rose a robust 14.6 percent, that for mining expanded by just 1.4 per cent.

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Manufacturing sector which constitutes over 75 percent of the index, contracted by 3.1 per cent in April this year compared to a growth of 3.9 per cent in same month last year.

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Similarly the capital goods output, as reported by PTI, which is a barometer of investment, declined sharply by 24.9 per cent in April compared to a growth of 5.5 per cent during the same month last year.

Showing lower demand, overall consumer goods output dipped by 1.2 per cent in month under review as against a growth of 2.8 per cent year ago.

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The consumer non-durable segment showed decline in output by 9.7 per cent compared to a growth of 3.7 per cent year ago.

However, the consumer durable sector showed an uptrend by recording a growth of 11.8 per cent, up from 1.3 per cent a year ago.


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