India's industrial output declined in August, amidst an elevated base and excessive rainfall in parts of the country.
The Index of Industrial Production slumped by 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.
Earlier, analysts at ICRA had estimated the IIP growth rate to slow down to 1% in August, in the backdrop of 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.
This is a developing story.
India’s Industrial Output Rises To 4.8% In July. Read more on Economy & Finance by NDTV Profit.