India’s Industrial Production (IIP) declined to a seven-month low of 3.2 per cent in May as compared to 4.8 per cent in April, mainly due to slow manufacturing activity and sluggish performance of power sectors, and the FMCG sector. The cumulative growth in May over the corresponding period last year stands at 4 per cent, data released on Thursday by the Ministry of Statistics and Programme Implementation showed. The previous low of industrial production growth was 1.8 per cent in October 2017.
In terms of industries, 13 out of the 23 industry groups in the manufacturing sector have shown positive growth in May 2018 as compared to the previous year. The manufacturing sector that constitutes 77.63 per cent of the index grew by just 2.8 per cent in May. The growth is marginally up from 2.6 per cent last year. Power generation growth decelerated sharply to 4.2 per cent in May as compared to a high of 8.3 per cent year ago. The mining sector also registered an impressive growth of 5.7 per cent as against 0.3 per cent in May last year. Read More