Friday (October 11): India’s industrial output has declined by 1.1 per cent in August due to poor performance by manufacturing, power generation and mining sectors, official data released today showed.
The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018.
The manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of 2018.
Electricity generation declined by 0.9 per cent as against an expansion of 7.6 per cent in the year ago month while the growth in the mining sector was flat at 0.1 per cent.
The overall IIP growth during April-August period was 2.4 per cent, down from 5.3 per cent in the corresponding period of the last fiscal.
What is IIP (Index of Industrial Production)?
IIP is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing.
The all India IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period.
It is compiled and published monthly by the central statistical organisation (CSO), Ministry of Statistics and Programme Implementation six weeks after the reference month ends.