Industrial Production Comes Down To Five Month Low At 4.2% In June

ENA Sectors 2024-08-13 13:56:47 New Delhi, Aug 13 (KNN) India's industrial production growth decelerated to a five-month low in June, according to official data released on Monday. The Index of Industrial Production (IIP) recorded a 4.2 per cent year-on-year increase, down from 6.2 per cent in May, primarily due to a slowdown in manufacturing activity. The manufacturing sector, which comprises 78 per cent of the IIP, saw growth moderate to 2.6 per cent in June, its lowest level in seven months. Electricity generation also experienced a slowdown, with growth easing to 8.6 per cent from 13.7 per cent in May. However, the mining sector showed improvement, with output rising to an eight-month high of 10.3 per cent in June, up from 6.6 per cent the previous month. In the use-based category, consumer durables production growth declined to 8.6 per cent, a six-month low. More notably, consumer non-durables output contracted by 1.4 per cent, reversing the 2.5 per cent growth seen in May. Economists suggest this contraction may indicate persistent weakness in rural demand. Despite the moderation in industrial output, the Reserve Bank of India maintains an optimistic outlook for the economy. The central bank projects GDP growth at 7.1 per cent for the April-June quarter and 7.2 per cent for the entire fiscal year 2024-25. (KNN Bureau) 38954 https://knnindia.co.in/news/newsdetails/sectors/industrial-production-comes-down-to-five-month-low-at-42-in-june 2024-08-13 13:56:47 knnindia.co.in Industrial Production Comes Down To Five Month Low At 4.2% In June