Industrial output declines 2.3 per cent in March | business | Hindustan Times
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Industrial output declines 2.3 per cent in March

Industrial production declined 2.3 per cent in March as compared to a rise of 5.5 per cent during the corresponding month in 2008, mainly on account of poor performance by the manufacturing sector.

business Updated: May 12, 2009 13:59 IST

Industrial production declined 2.3 per cent in March as compared to a rise of 5.5 per cent during the corresponding month in 2008, mainly on account of poor performance by the manufacturing sector.

For 2008-09, growth in industrial output was a meagre 2.4 per cent, down from a high of 8.5 per cent during the previous financial year, according to the Index of Industrial Production (IIP) figures released by the government today.

The decline has been mainly on account of a fall in manufacturing, the output of which contracted by 3.3 per cent during March. The sector, which accounts for almost 80 per cent of the index, registered an increase of 5.7 per cent during the same month in 2008.

The mining sector too recorded dismal growth of 0.4 per cent during March as compared to an increase of 4.9 per cent.

Power generation, however, rose by 6.3 per cent during the month compared to 3.7 per cent during the corresponding period in 2008.

As regards 2008-09, manufacturing sector growth decelerated to 2.3 per cent from 9 per cent in the previous fiscal.

Mining output and power generation during the year slid to 2.3 per cent and 2.8 per cent, respectively, from 5.1 per cent and 6.4 per cent, respectively, in the previous fiscal.