Saturday, July 13, 2013

Industrial production contracts by 1.6 percent in May

New Delhi: 12 Jul 2013,

Reflecting a persistent slowdown, industrial production in May contracted by 1.6 percent, lowest in the past 11 months, on account of poor show by the manufacturing and mining sectors.

The Industrial of Index Production (IIP) was 1.9 percent in April and 2.5 percent in May last year, as per the data released by Central Statistical Organisation.

During April-May the factory output measured in terms of IIP worked out to be meagre 0.1 percent, down from 0.6 percent in the corresponding period last fiscal.

Manufacturing sector, which constitutes over 75 percent of the index, contracted by 2 percent in May as against a growth of 2.6 percent in the year-ago month.

The mining sector output too declined by 5.7 percent in May, compared to a dip in the production by 0.7 percent in the year-ago period.

The capital goods output also saw a contraction of 2.7 percent during the month, as compared to a decline in production by 8.6 percent in the year-ago period.

Power generation, however, reported an increase of 6.2 percent in May as against a growth of 5.9 percent in same month last year.

Overall, 11 of the 22 industry groups in manufacturing sector have shown positive growth in May.
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