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Factory output growth in January back in positive zone but at a tepid 2%

Date: 13-03-2020
Subject: Factory output growth in January back in positive zone but at a tepid 2%
India's industrial output grew 2 percent in January against a contraction of 0.3 percent in December, according to the Index of Industrial Production (IIP) data released by the government on March 12.

Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.

Manufacturing output, which accounts for more than three-fourths of the entire index, grew 1.5 percent in January against a fall of 1.2 percent a month ago.

Mining production grew 4.4 percent in January against a growth of 5.4 percent in December.

The growth of primary products was 1.8 percent in January against 2.2 percent last month. Capital goods production in January contracted 4.3 percent against a contraction of 18.2 in December.

Consumer durables contracted 4 percent in January against 6.7 percent in December. Electricity production grew 3.1 percent in January against a fall of 0.1 percent a month ago.

India's GDP numbers have confirmed fears of a deepening slowdown in the economy as households aren't spending enough to buoy demand and companies aren't adding capacities or hiring more.

According to government data, India's gross domestic product (GDP) grew 4.7 percent in the October-December quarter of 2019-20.

GDP growth came in at at 5.6 percent in the corresponding quarter of 2018-19.

The government estimated that gross value added (GVA), which is GDP minus net taxes, grew at 4.5 percent in 2019-20 against 4.8 percent in Q2.

Government data projected that the manufacturing sector saw contraction of 0.2 percent in 2019-20 against -0.1 percent in Q2, while mining and quarrying would grow at 3.2 percent against 0.1 percent in the last quarter.

The Budget, presented by Finance Minister Nirmala Sitharaman, projected a nominal GDP growth of 10 percent in the next fiscal, followed by 12.6 percent and 12.8 percent in FY22 and FY23, respectively.

Source: moneycontrol.com

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