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

0

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.

Also Read:  Declare your books are not against government if you want monetary help: Govt to Urdu writers

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.

Congress advt 2

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.

Also Read:  Literary Fest not to invite Taslima Nasreen from next year

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.

Also Read:  Unmissable dance challenge by Dr Farooq Abdullah and Ranveer Singh at NDTV event

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here