India’s industrial production contracted mainly due to poor showing by the mining and power generation sectors.
The IIP growth rate for the month of August 2024 is (-) 0.1 per cent, which was 4.7 per cent in the month of July 2024
India’s industrial production contracted 0.1 per cent in August, mainly due to poor showing by the mining and power generation sectors, according to official data released on Friday. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 10.9 per cent in August 2023.
“The IIP growth rate for the month of August 2024 is (-) 0.1 per cent, which was 4.7 per cent in the month of July 2024,” an official statement said.
The data released by the National Statistical Office (NSO) showed that the growth in mining, manufacturing and electricity for August 2024 stood at (-) 4.3 per cent, 01 per cent and (-) 3.7 per cent, respectively.
The decline in growth of the mining sector is likely due to heavy rainfall in August 2024, NSO said.
In April-August this fiscal, the IIP grew 4.2 per cent against 6.2 per cent in the year-ago period.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
