New Delhi, 29 September (IANS). According to data released by the Ministry of Statistics on Monday, India’s industrial growth rate was recorded at 4 percent in August this year on the basis of the Industrial Production Index (IIP). The reason for this growth was a good performance of the mining sector.
The industrial growth rate has increased for the second consecutive month. It was at a four -month high of 3.5 percent in July and 1.5 percent in June.
The mining sector recorded a good growth of 6 percent in August compared to the same month of the previous year. This made up for the fall in production due to heavy rains in July.
The data showed that the manufacturing sector recorded a growth of 3.8 percent compared to the same month of the previous year in August this year. The manufacturing sector provides job opportunities to young graduates originating from universities and engineering institutions in the country.
In the manufacturing sector, 10 out of 23 industry groups recorded a positive increase in August this year as compared to the same month of the previous year. The ‘Basic Metal’ sector contributed the highest contribution, which recorded a double digit growth of 12.2 percent and ‘motor vehicle, trailer and semi-trailer’ registered a 9.8 percent increase.
There was also an increase in power generation in August, which increased from 0.6 percent of July to 4.1 percent in August.
Classification data based on use shows that the production of capital goods increased by 4.4 percent in August. Capital Goods production includes machines used in factories.
This segment reflects the real investment in the economy, which has a multiplier effect on the creation of jobs and income in future.
The production of consumer durables such as refrigerators, air conditioners and TVs also increased by 3.5 percent in August, which shows an increase in demand for these products with an increase in income.
The Infrastructure and Construction Sector recorded a double digit growth of 10.6 percent compared to the same month of the previous year in August this year. The reason for this was the implementation of large government projects in highways, railway and port areas.
-IANS
SKT/