India’s industrial production falls 2 percent in DecemberFebruary 12th, 2009 - 2:03 pm ICT by IANS
New Delhi, Feb 12 (IANS) After a marginal recovery in November, India’s industrial production fell 2 percent the next month with no signs of abatement in the impact of the global meltdown on the country’s economy.
Data on the Index of Industrial Production (IIP) released Thursday also showed that the index for manufacturing, that has the maximum weight, fell 2.5 percent, versus 8.6 percent in the like month of previous fiscal.
The general index had expanded 8 percent in December last fiscal, said the statistics released by the Central Statistical Organisation (CSO). The organisation also revised downward industrial growth for November to 1.7 percent from the estimated 2.4 percent earlier.
Industrial production had fallen for the first time in 15 years to 0.4 percent in October, compared to a growth of 12.2 percent in the corresponding month last year. Officials attributed the fall to a demand slowdown as a result of the crisis facing the global economy.