Industrial production in November grew at just 0.5 per cent compared to 8.1 percent in October, as per data released by the Central Statistics Office (CSO) Friday. Factory output had grown by 8.5 per cent in November 2017. The last low was in June 2017, when IIP growth contracted by 0.3 per cent. The October IIP was also revised to 8.4 per cent from 8.1 per cent earlier by the CSO.
The manufacturing sector posted contraction of 0.4 per cent in November as against a growth of 10.4 per cent a year ago. The electricity output also plunged to 5.1 percent in November from 10.8 percent a month ago. The mining sector recorded 2.7 per cent growth during the month compared to 1.4 per cent in November 2017.
Power sector output also surged by 5.1 per cent from 3.9 per cent a year ago. Capital goods output fell by 3.4 per cent, compared to 3.7 per cent growth a year ago.
The Index of Industrial Production (IIP) is an index which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing. The all India IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period.