India's industrial output contracted in August, a first time in 22 months, led by elevated base and excessive rainfall in parts of the country.
The index of industrial production contracted 0.1%, compared to a growth of 4.7% in July, according to data published by the Ministry of Statistics and Programme Implementation on Friday. This marked the first contraction in the past 22 months.
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Earlier, analysts at ICRA estimated that the IIP growth rate would slow down to 1% in August due to a contraction in eight core sectors during the month. Official data released on Sept. 30 showed the core sectors contracted by 1.8% in August—the first decline in 42 months—after growing by 6.1% in July on an annual basis.
Sectoral Estimates (YoY)
Mining output fell 4.3% in August.
Manufacturing production rose by 1%.
Electricity generation dropped 3.7%
Industrial output, as classified by the end use of goods, showed:
Primary goods output declined by 2.6%
Capital goods output increased by 0.7%
Intermediate goods output grew by 3%
Infrastructure and construction goods output gained 1.9%
Consumer durables output rose by 5.2%
Consumer non-durables output declined by 4.5%
This is a developing story.
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