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Tuesday, November 24, 2020

India’s August industrial deceleration eases on sequential basis

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Industrial Relations Code bill has been introduced in LSNew Delhi, Oct 13 (IANS) India’s industrial activity showed signs of a rebound as August deceleration rate in factory output eased on a sequential basis, official data showed on Monday.

However, the Covid-19 pandemic continued to subdue India’s factory output on a year-on-year basis.

As per the Quick Estimates of Index of Industrial Production (IIP), the contraction in factory output eased to (-) 8 per cent in August from (-) 10.77 per cent reported for July and (-) 1.4 per cent recorded during the corresponding period of the previous fiscal.

The Ministry of Statistics and Programme Implementation’s estimates document said that the current index readings should not be compared with those of the months preceding the Covid-19 pandemic.

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“With the gradual relaxation of restrictions, there has been a relative improvement in the economic activities by varying degrees as well as in data reporting,” it said.

The IIP for mining, manufacturing and electricity sectors for J uly 2020 stood at 83, 117.4 and 162.7 respectively.

In August, the manufacturing production de-grew by (-) 8.6 per cent from (-) 1.7 per cent reported for the corresponding month of last year.

Similarly, electricity generation contracted by (-) 1.8 per cent from (-) 0. 9 per cent during August 2019.

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The mining output declined by (-) 9.8 per cent on a YoY basis.

Furthermore, the data on a YoY basis showed that manufacturing of primary goods de-grew by (-) 11.1 per cent, capital goods by (-) 15.4 per cent, and intermediate goods (-) 6.8 per cent.

Similarly, the production of infrastructure or construction goods contracted by (-) 2.3 per cent and consumer durables by (-) 10.3 per cent.

Consumer non-durables showed a growth of (-) 3.3 per cent.

Source: IANS

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