Mumbai: Indicating a slump in the economy, industrial growth has slipped to 0.6% in February this year mainly on account of contraction in power generation, mining output and poor performance of manufacturing sector. Factory output, as measured by the Index of Industrial Production (IIP), had grown by 4.3 per cent in February last year.
For the April-February period of 2012-13 fiscal, the industrial production growth is at 0.9%, down from 3.5% in the same period of 2011-12, according to official data released here today.
Meanwhile, the growth in industrial output for January has remained almost at a same level of provisional estimates of 2.4% released last month. The manufacturing sector, which constitutes over 75% of the index, grew by meagre 2.2% in February, as against 4.1% in the same month of 2012.
The growth in the output of the key sector remained low at one per cent in April-February this fiscal, as against 3.7% growth in the same period of 2011-12. There was a contraction of 3.2% in power output in February this year compared to a growth of 8% in the same month of 2012.
During the April-February period, electricity generation has gone up by 4 per cent, compared to a growth of 8.7 per cent in the same period of the 2011-12 fiscal.
EPC World News Bureau
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