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Industrial growth falls 1.8% in June

Date: 09-08-2012
Subject: Industrial growth falls 1.8% in June
New Delhi: India's industrial output fell 1.8 percent in June, due to slower growth in infrastructure output and fall in export orders from the United States and Europe.

The Index of Industrial Production (IIP) had recorded 2.4 percent growth in May.

Industrial output accounts for a little over 15 percent of Gross Domestic Product (GDP) and the consensus points to more weakness ahead for the Indian economy which grew at its lowest annual rate in almost a decade, just 5.3 percent in the quarter to March.

In April, India's industrial output contracted by 0.9 percent, according to revised figures issued by the government after an initial estimate of flat growth.

After recording strong growth for much of last year, India's exports tanked 5.45 percent in June, with officials attributing weak demand in the United States and Europe for the fall.

Infrastructure output, which accounts for over a third of factory production, grew an annual 3.6 percent in June, slower than a revised 4.0 percent in May.

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