The country’s industrial production declined by 0.1 percent in August due to poor performance of the mining and power sectors. According to official data released on Friday, industrial production, measured in terms of the Index of Industrial Production (IIP), declined by 0.1 percent.
New Delhi: The country’s industrial production declined by 0.1 percent in the month of August due to poor performance of mining and power sectors. According to official data released on Friday, industrial production measured in terms of the Index of Industrial Production (IIP) declined by 0.1 percent in August this year, while it grew by 10.9 percent in August 2023. According to data released by the National Statistical Office (NSO), the IIP growth rate for August 2024 was negative 0.1 percent. Industrial production grew by 4.7 percent in July 2024.
During August, the total industrial production has declined due to poor performance of mining, manufacturing and power sectors. During this period, the mining sector declined by 4.3 percent and the power sector by 3.7 percent, while the growth rate of the manufacturing sector was just one percent. The NSO said that the production of the mining sector was probably affected due to heavy rains in August. Industrial production has increased by 4.2 percent in the first five months (April-August) of the current financial year. The growth rate of industrial production in the same period of the previous financial year was 6.2 percent.
