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India hit by contraction in production
Source: Agencies |
November 13, 2012, Tuesday
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Print Edition
INDIA'S industrial production contracted 0.4 percent in September, government data released yesterday showed, as manufacturing output continued to slump amid signs of weakness in investment and consumer demand.
The results indicate that Asia's third largest economy still has a way to go to pull itself out of its current slowdown, despite a barrage of economic reform announcements by New Delhi's administration.
The data also does little to encourage the central bank to ease interest rates, a move advocated by politicians and businesses eager to boost economic growth.
Manufacturing output contracted 1.5 percent in September from a year ago. Capital goods production - an important indicator of investment in physical assets like machinery - fell 12.2 percent. Production of consumer goods fell 0.3 percent. Mining output rose 5.5 percent, while electricity production was up 3.9 percent.
Output at India's factories, utilities and mines rose 2.5 percent in September last year.
The results indicate that Asia's third largest economy still has a way to go to pull itself out of its current slowdown, despite a barrage of economic reform announcements by New Delhi's administration.
The data also does little to encourage the central bank to ease interest rates, a move advocated by politicians and businesses eager to boost economic growth.
Manufacturing output contracted 1.5 percent in September from a year ago. Capital goods production - an important indicator of investment in physical assets like machinery - fell 12.2 percent. Production of consumer goods fell 0.3 percent. Mining output rose 5.5 percent, while electricity production was up 3.9 percent.
Output at India's factories, utilities and mines rose 2.5 percent in September last year.
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