New Delhi, December 1 (IANS). India’s industrial growth rate declined to 0.4 percent in October. This is due to the reduced number of working days during the month due to festivals like Dussehra, Diwali and Chhath. This information was given by the Statistics Ministry on Monday.
India’s industrial growth rate based on the Index of Industrial Production (IIP) was 4 percent in September and August, 3.5 percent in July and 1.5 percent in June.
The performance of the manufacturing sector has been strong in October and it has registered a growth of 1.8 percent compared to the same period last year.
9 out of 23 industrial groups have registered positive growth in October. The three groups that have performed best during this period. Among them, Manufacture of Basic Metals group has registered a growth of 6.6 percent. The growth rate of Manufacture of Coke and Refined Petroleum Products group was 6.2 percent and the growth rate of Manufacture of Motor Vehicles, Trailers and Semi-Trailers group was 5.8 percent.
The growth rates of mining and electricity sectors in October were negative at -1.8 percent and -6.9 percent respectively.
The government said that due to rain and low temperature, demand for electricity has been low, due to which electricity production has reduced.
The capital goods sector has recorded a growth rate of 2.4 percent on an annual basis. Capital goods sector includes machines used in factories. The increase in its sales shows that investment is increasing in the country and this will create employment opportunities in the coming times.
Due to the government’s focus on big projects, the growth rate of the infrastructure and construction sector has been 7.1 percent on an annual basis. Major projects include highways, railways and ports.
–IANS
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