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August industrial growth at 2.7%

This article was posted on Oct 12, 2012 and is filed under Market News

Zeebiz Bureau

New Delhi: India’s industrial production growth rose 2.7 percent in August as compared to 0.1 percent cent in July.

The cumulative growth for the period April-August 2012-13 over the corresponding period of the previous year stood at 0.4 percent.

The three sectors that constitute the index are Mining, Manufacturing and Electricity. The monthly growth rates of these three sectors for the month stood at 2.0 percent, 2.9 percent and 1.9 percent respectively.

The data also showed that as per “use-based” classification there has been negative growth in capital goods (-1.7 percent) whereas positive growths have been achieved in basic goods (2.8 percent), intermediate goods (1.9 percent), consumer durables (4.0 percent) and consumer non-durables (5.8 percent).

The index of industrial production (IIP), which measures output at factories, mines and utilities in India had slowed to just 0.1 percent cent in July due to poor show by manufacturing, mining and capital goods sectors,

Infrastructure output, which makes up nearly 38 percent of factory output, grew just 2.1 percent annually in August, data released at the end of September showed.

Recent economic surveys suggest that slow global growth and uncertainties surrounding the euro zone debt crisis will continue to weigh on factories worldwide and challenge a global economy that is trying to outrun recession.

India’s exports have fallen annually in five of the past six months as lack of demand from key destinations such as the US and Europe has hurt trade.

The Indian economy faces a multitude of challenges. Growth is languishing near a three-year low of 5.5 percent in the quarter to June. Still, while inflation remains stubbornly high, the Reserve Bank of India looks unlikely to ease monetary policy soon.

A hike in diesel prices, part of a package of reforms that the government launched in mid-September to revive the economy, will likely keep inflation high in October and dampen hopes of an interest rate cut.

Source: Zeenews.com

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