Industry: Worst performance of Indian industry, industrial production down to 26-month low

Posted on 13th Dec 2022 04:57 pm by rohit kumar

The country's industrial production declined by 4 percent in October due to the weak performance of the mining and energy sectors along with a contraction in manufacturing output. This has been the worst performance of the Indian industry in the last 26 months since August 2020. At that time industrial production had decreased by 7.1%.

 

 

According to data released on Monday by the National Statistics Office (NSO), the Index of Industrial Production (IIP) grew by 4.2 percent in October 2021. The latest data shows that the growth of the industry has turned negative after a gap of only one month. The growth rate of industrial production was 3.5% in September this year, while it declined by 0.7% in August. According to the data, the manufacturing sector's output declined by 5.6 percent in October. There was an increase of 3.3 percent in the same period a year ago. However, mining and electricity generation grew by 2.5 percent and 1.2 percent, respectively. The production of consumer durables registered a major decline of 15.3 percent, while the production of non-durable consumer goods decreased by 13.4 percent.

 

 

Performance was weaker than expected, reduction in investment

Aditi Nayar, the chief economist of rating agency ICRA, said on these figures, the decline in IIP has been more than expected. It also shows the weak performance of exports. Besides, holidays during the festive season have also affected industrial production. Madan Sabnavis, chief economist, of Bank of Baroda, said the performance of capital products has been dismal as it points to a slowdown in investment.

 

Also Read: Swiggy Layoffs: More than 250 employees will be laid off in Swiggy, company may say 'bye-bye' to 3% of employees

Other news

PM Modi: PM shared Capital Group's report on social media, wrote- India a shining star globally

Prime Minister Narendra Modi on Sunday shared a recent report by Capital Group on social media, s

Sambhal: The digging of the stepwell continued on the sixth day, samples were taken for Bhadreshwar Tirtha and two ancient wells

A joint team of the State Archaeological Directorate and Archaeological Survey of India (ASI) on

Strong tremors of earthquake in Delhi-NCR: Earth trembled in Jammu-Kashmir as well, intensity was 5.9; Hindu Kush region center of Afghanistan

Earthquake tremors were felt in Delhi-NCR and Kashmir at 7:56 pm on Thursday. According to the Na

Who is Alia Bhatt's former PA Vedika Prakash Shetty, accused of fraud of Rs 77 lakh; arrested

Juhu police has arrested Bollywood actress Alia Bhatt's former personal assistant (PA) Vedika Pra

Sardaar ji 3 Collection: Hania-Diljit's film rocks the box office, earns so much in two days

On June 27, Diljit Dosanjh returned to theaters with the third installment of his hit franchise S

India-Canada: The issue of the murder of a Canadian Sikh was also raised in G20, US President Biden spoke to PM Modi

In the last few days, there has been a rift in the relations between Canada and India. India also

A week after the attack on Kap's Cafe, Kapil Sharma started shooting for Kis Kisko Pyaar Karoon 2, and gave an update.

Kapil Sharma's Canada-based restaurant, Kap's Cafe, was attacked on July 9, 2025. Khalistani terr

Singham Again: 'Singham Again' was a hit even before its release, digital rights of the film sold for so many crores.

Rohit Shetty's cop universe's next film 'Singham Again' is going to release on Diwali. This is th

IND vs AUS: 22 pink ball tests in nine years, 73% matches were limited to four days, all four matches of India ended in three days

A day-night test match will be played between India and Australia at Adelaide Oval Stadium in Ade

Air attack on Russia's Angles airbase: A drone sent by Ukraine destroyed in the air, and three Russian soldiers were killed in debris

Ukraine attacked Russia's bomber base with a drone, killing three soldiers. According to the BBC