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New Delhi - India's industrial production has fallen for the third time in five months, raising concerns that the global slowdown has impacted the nation's growth and triggering hopes that the central bank would cut benchmark rates further to ease credit flow.
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According to the latest Index of Industrial Production (IIP), India's factory output has contracted a record 15-year low of 1.2 percent in February 2009 on a year-on-year basis as against 9.5 percent growth in February 2008. The industrial production had contracted for the first time in 15 years in October, and then again in December.
The output in Mining and Manufacturing sector recorded negative growths of 1.6 percent, 1.4 percent as against positive growths of 7.9 percent and 9.6 percent in February 2008. However, Electricity sector registered a positive growth of 0.7 percent albeit falling from a positive growth of 9.8 percent in February 2008.
The three sectors, during April-February, 2008-09 over the corresponding period of 2007-08 also witnessed a cumulative growth of 2.4 percent, 2.8 percent and 2.4 percent respectively, which moved the overall growth in the General Index to 2.8 percent as against 8.8 percent growth rate registered during the corresponding period the previous year.
For the first 11 months of this fiscal, industrial growth stood at 2.8 percent, compared to 8.8 percent a year ago.
In terms of industries, the IIP data showed that as many as eight out of the seventeen industry groups have shown positive growth during the month of February 2009 as against the corresponding month of the previous year.
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