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Industrial production contracts 1.6% in Jan
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SME Times News Bureau | 12 Mar, 2021
The industrial output in India declined in January, led by a slump in manufacturing and mining activities.
Data
released by the Ministry of Statistics and Programme Implementation on
Friday showed that the Index of Industrial Production (IIP) for January
contracted by 1.6 per cent over the same month a year ago.
For the April-June period of the current financial year, IIP fell 12.2 per cent.
Mining
activity in January contracted 3.7 per cent, compared to a 4.4 per cent
in December, while manufacturing output contracted by 2 per cent in
January after a growth of 2.1 per cent in the previous month.
"After
growth in December, the industrial production contracted in January
mainly due to weakness in manufacturing and mining components, despite
progressive unlocking by the government in most pockets of the country,"
said Nish Bhatt, Founder and CEO, Millwood Kane International, an
investment consulting firm.
M. Govinda Rao, Chief Economic
Adviser at Brickwork Ratings, said that continued contraction in
manufacturing sector shows that there is still some distance to cover
before the economy recovers.
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