India’s factory output declines again in January

New Delhi, March 11: India’s factory output declined again in January, by (-)1.53 percent, moving down further from the (-)1.18 percent dip registered in the month before, official data showed on Friday. In comparison, there was a growth of 2.8 percent in January 2014.

As per data on index of industrial production (IIP) released by the Central Statistics Office, the country’s factory output logged a cumulative growth of 2.7 percent rise in the first 10 months of the current fiscal year. Cumulative growth during the corresponding period of last fiscal also stood at 2.6 percent.

December IIP was dragged lower by a (-)2.8 percent drop in manufacturing activity. Between the other broader indices, electricity production rose by 6.6 percent, while that for mining was up by 1.2 percent.

The high negative contributors to the dip in the overall index included cables, insulated rubber, antibiotics, stainless and alloy steels, sponge iron and passenger Cars. Electricity, commercial vehicles, mobile phones, cement and gems and jewellery were positive contributors. (IANS)