ibnlive » Business

Dec 13, 2008 at 03:17am IST

Industrial growth slowing alarmingly: Report

New Delhi: The Indian economy is in need of a boost because the new numbers on the Indian economy are now confirming a slowdown.

Drastic fall in the industrial growth which has turned negative for the first time in 15 years has sent alarm bells ringing.

The Commerce Secretary believes the trend will continue for the next month as well.

SIGN OF THE TIMES: The IIP numbers are crucial in reflecting trends and monitoring intervention

Industrial growth dropped to minus 0.4 per cent for October compared to 12.2 per cent last year.

Manufacturing output, which accounts for nearly four-fifths of the total weight of the Index of Industrial Production (IIP), fell 1.2 per cent in October while it had grewn 13.8 per cent a year ago.

Manufacturing, capital goods grew at 3.1 per cent as against 20.9 per cent a year ago, while consumer durables declined 3 per cent compared with 9 per cent a year ago.