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Industrial output contracts 8% in August

As per the IIP data released by the government, manufacturing sector output fell by 8.6 per cent, while the output of mining and power segments slipped by 9.8 per cent and 1.8 per cent, respectively

twitter-logoBusinessToday.In | October 12, 2020 | Updated 18:15 IST
Industrial output contracts 8% in August
Index of Industrial Production (IIP) declined by 8 per cent in August

Industrial output, measured via Index of Industrial Production (IIP), declined by 8 per cent on annual basis in the month of August, impacted by slump in production in manufacturing, mining and power generation sectors, government data showed on Monday. IIP had contracted by 1.4 per cent in August 2019 and 10.4 per cent in July this year.

As per the IIP data released by Ministry of Statistics and Programme Implementation, manufacturing sector output fell by 8.6 per cent, while the output of mining and power segments slipped by 9.8 per cent and 1.8 per cent, respectively.

"It may not be appropriate to compare the IIP in the post pandemic months with the IIP for months preceding the COVID 19 pandemic," the ministry said in a statement.

"With the gradual relaxation of restrictions, there has been a relative improvement in the economic activities by varying degrees as well as in data reporting," it added.

For the month of August 2020, the quick estimates of index of industrial production (IIP) with base 2011-12 stands at 116.1 as compared to 117.6 in the previous month and 126.2 in the same period last year. The indices of industrial production for the mining, manufacturing and electricity sectors for August 2020 stand at 83.0, 117.4 and 162.7, respectively.

As per use-based classification, the indices stand at 108.4 for primary goods, 75.0 for capital goods, 126.6 for intermediate goods and 127.7 for infrastructure/ construction goods for the month of August 2020.  Further, the indices for consumer durables and consumer non-durables stand at 109.4 and 139.6 respectively for the month of August 2020.

These quick estimates will undergo revision in subsequent releases as per the revision policy of IIP.

Also Read: Retail inflation jumps to 7.34% in September, stays above RBI's comfort zone

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