IIP rose for second straight month
Registering growth for second straight month, India’s Industrial Production output (IIP data) rose to eight-month high of 3.6 per cent in October on the back of recovery in Manufacturing, consumer goods and power sectors.
Provisional figures released by the Ministry of Statistics and Programme Implementation (MoSPI), on Friday, gave a glimmer of hope of IIP turned positive last month after six months of contractions . In September, IIP grew by 0.2% against negative 7.4 in August, the data showed .
The Manufacturing sector, which has weightage of 77.6% in the IIP , recorded a growth of 3.5% in October.
As per the used based classification, the consumer durables segment, which mainly includes white goods, posted an impressive growth of 17.6% in October whereas it was a contraction of 18.9% in the same period a year ago, reported.
Electricity generation sector recorded an impressive growth of 11.2% in October while output of mining sectors contracted by 1.5% during the same period.
The IIP witnessed a 5.2 per cent growth in February this year. There after, it entered the negative territory in March and remained in the contraction zone till August.