Industrial output tumbles at fastest rate in 7 yrs in Aug
New Delhi: The country’s industrial output slumped the most in nearly seven years and contracted for the first time in over two years in August. The slump, led by a sharp decline in the crucial manufacturing, capital goods and consumer durables sectors, poses a fresh challenge for policymakers already battling a slowdown.
Data released by the National Statistical Office on Friday showed the index of industrial production fell an annual 1.1% in August, compared with growth of 4.6% in the previous month and 4.8% in the year-earlier month. This was the sharpest contraction since the 1.7% decline recorded in November 2012, according to data available on the NSO website.
The Reserve Bank of India (RBI) has cut its growth estimate to 6.1% for 2019-20 from the earlier 6.8%.
The government has unveiled a series of measures to revive growth and has promised to do more.
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