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India slumps on the Industrial growth index

IANS
Oct 10, 2008 at 01:46pm IST

New Delhi: India's industrial production (IIP) growth dived to 1.3 per cent in August, compared to 10.9 per cent in the corresponding period last year, a setback for the government grappling with volatile capital markets and a sluggish economy.

The official data on industrial production released by the statistics and programme implementation ministry here Friday showed that industrial production logged 4.9 per cent growth during April-August this fiscal, against 10 per cent in the previous corresponding period.

The sector-wise growth rate in August sent a rather grim picture to policy-makers as mining, manufacturing, and electricity grew at 4 per cent, 1.1 per cent and 0.8 per cent respectively, whereas the growth logged last year in the same period was 14.7 per cent, 10.7 per cent and 9.2 per cent.

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At the same time, July industrial growth has been provisionally revised to 7.4 per cent from 7.1 per cent.

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