The country’s industrial production declined by 0.1 percent in August due to poor performance of the mining and power sectors. Industrial production, measured in terms of the Index of Industrial Production (IIP), declined by 0.1 per cent in August this year, compared to an increase of 10.9 per cent in August 2023.
Industrial production 4.7 percent in July
According to the data released by the National Statistical Office (NSO), the IIP growth rate for August 2024 was negative 0.1 percent. Industrial production had increased by 4.7 percent in July 2024. Overall industrial production declined during August due to poor performance of mining, manufacturing and power sectors. During this period, there was a decline of 4.3 percent in the mining sector and 3.7 percent in the power sector, while the growth rate of the manufacturing sector was only one percent.
rain spoiled the game
NSO said that mining sector production was probably affected due to heavy rains in the month of August. Industrial production has increased by 4.2 percent in the first five months (April-August) of the current financial year. In the same period of the previous financial year, the growth rate of industrial production was 6.2 percent.
Reserve Bank did not change the repo rate
Let us tell you that in the fourth bi-monthly monetary policy review of the current financial year, the Reserve Bank of India maintained the policy rate repo at 6.5 percent for the tenth consecutive time. RBI retained its retail inflation forecast at 4.5 percent for the current financial year 2024-25. RBI Governor Shaktikanta Das, after the fourth bi-monthly monetary policy review of the current financial year, stressed that the central bank will have to keep a close watch on the price situation and strictly control inflation, otherwise it will accelerate again. Can.
