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Huge decline in industrial production Huge decline in industrial production
New Delhi: The country’s industrial production (IIP) declined by 0.3 percent in December 2019 due to the poor performance of the manufacturing sector. A... Huge decline in industrial production

New Delhi: The country’s industrial production (IIP) declined by 0.3 percent in December 2019 due to the poor performance of the manufacturing sector. A year earlier, industrial production was up 2.5 percent in December 2018. Last August, September and October, industrial production grew by 1.8 percent in November after being in decline for three consecutive months.

It declined by 1.4 percent in August 2019, while it was down 4.6 percent in September and 4 percent in October. According to data released on Wednesday by the National Statistics Office (NSO), manufacturing output in December declined by 1.2 percent. Production of the manufacturing sector increased by 2.9 percent in the same month a year ago.

Similarly, power generation also declined by 0.1 percent in December 2019. Which was up 4.5 percent in the same month a year ago. However, the production of mining sector increased by 5.4 percent in December 2019 as compared to a decrease of one percent in December 2018.

During the first nine months (April-December) of the current financial year, the growth rate of industrial production declined to 0.5 percent. Whereas it was 4.7 percent in the same period of the previous financial year. As per data for December, production of capital goods declined by 18.2 percent. It was up 4.2 percent in the same month a year ago. Capital goods production figures indicate investment. According to usage-based classification, production of primary goods in December 2019 increased by 2.2 percent from the same month a year earlier.

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News Desk