India's industrial output fell for the first time in many years by 0.4 per cent in October, stifled by manufacturing sector -- for rescuing which the government announced a stimulus package earlier this month.
Output had grown by 5.45 per cent in September, and 12.2 per cent in October 2007.
The Index for Industrial Production numbers for the seven-month period ended October was 4.1 per cent against 9.9 per cent a year ago.
Manufacturing sector, which accounts for 80 per cent of the index, declined 1.2 per cent from 13.8 per cent in the year-ago period.
Only earlier this month, the government sought to rescue manufacturers by announcing an across-the-board (barring petroleum goods) four per cent cut in excise duty.
Electricity sector grew by 4.4 per cent during the month, bettering 4.2 per cent output of the year-ago period, while mining sector grew by a slower 2.8 per cent against 5.1 per cent in the previous year's comparable period.
The overall decline was mainly on account of fall in intermediate and consumer goods.
{{/usCountry}}The overall decline was mainly on account of fall in intermediate and consumer goods.
{{/usCountry}}For the seven-months period ended October, manufacturing sector posted a growth of 4.2 per cent from 10.6 per cent a year ago.
Power sector output for the period under review as 2.8 per cent from 7.2 per cent, mining 3.7 per cent from 4.9 per cent.