Industrial production for November slumps

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Industrial production for November slumps
Factory output for November fell to -2.1 per cent, signalling persistent worries of a slowdown in India's manufacturing activity. It was for a second month in a row that factory output contracted.

The fall in factory output will now put further pressure on the RBI to hold interest rates steady in its next policy meeting.

"The General Index for the month of November 2013 stands at 162.4, which is 2.1% lower as compared to the level in the month of November 2012. The cumulative growth for the period April-November 2013-14 over the corresponding period of the previous year stands at (-) 0.2%," a government release stated.

In terms of industries, 10 out of the 22 industry groups in the manufacturing sector have shown negative growth during the month of November 2013 as compared to the corresponding month of the previous year.

The industry group ‘Radio, TV and communication equipment & apparatus' has shown the highest negative growth of (-) 42.2%, followed by (-) 27.5% in ‘Office, accounting & computing machinery' and (-) 19.5% in ‘Furniture; manufacturing n.e.c.'. On the other hand, the industry group ‘Chemicals and chemical products' has shown a positive growth of 18.6% followed by 16.1% in ‘Electrical machinery & apparatus n.e.c.' and 14.5% in ‘Wearing apparel; dressing and dyeing of fur'.

Read more about: rbi, factory output, interest rates
Story first published: Saturday, January 11, 2014, 8:39 [IST]
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