Industrial output shrinks 0.6%, dashes economy recovery hopes
During the April-December period, this segment recorded a growth of 1.6 per cent, compared to a contraction of 0.7 per cent in the first nine months of last fiscal.
The basic goods output grew by 2.6 per cent in December as compared 5.5 per cent in the same month of 2011. During the April-December period of this fiscal, output of these goods rose 2.7 per cent compared to 6.3 per cent in the nine-month period a year ago.
Power generation grew by 5.2 per cent in December last year, as against 9.1 per cent in same month of 2011. The electricity generation in the April-December period this
fiscal stood at 4.6 per cent, as against 9.4 per cent in a year-ago period.
In terms of industries, 12 out of 22 groups in the manufacturing sector have shown negative growth in December, 2012 as compared to the same month in 2011.
India economy recovery hopes dashed as output unexpectedly shrinks
(Reuters): India's industrial production unexpectedly shrank for a second straight month in December, weighed down by weak investment and consumer demand, casting doubt on Finance Minister P. Chidambaram's view that Asia's-third largest economy is showing signs of recovery.
The index of industrial production (IIP) fell 0.6 percent annually in December, data released by the Central Statistics Office showed on Tuesday.
A Reuters poll of 24 economists had expected growth of 1.1 percent, after output shrank 0.8 percent in November.
Manufacturing output, which accounts for the bulk of industrial production and
Be the first to comment.