Infrastructure output, which comprises eight main sectors, in September showed a contraction of 5.2%, the worst in 14 years.
CONTRACTING for the second consecutive month, factory output for September plunged to (-) 4.3 per cent, with all three sectoral constituents - manufacturing, mining and electricity - recording negative growth, data released by Ministry of Statistics and Programme Implementation (MoSPI) Monday showed.
Sabnavis noted that cumulative growth in April-September 2019 at 1.3 per cent is very low and indicated stagnation.
In terms of industries, 17 out of the 23 industry groups in the manufacturing sector contracted during September, compared with the corresponding month of the previous year. The cumulative growth for the April-September 2019 period also slipped to 1.3 per cent, down from 2.4 per cent in the previous month.
India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country's economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth. The consumer durables segment contracted 9.9% during the month compared to a 5.4% expansion in the year earlier month. Intermediate goods was the only use-based classification that grew 7 per cent in September.
Ole Gunnar Solskjaer demands more from Manchester United after Brighton win
The victory over Graham Potter's Brighton was only their fourth league win of the season and propels them up to seventh in the league.
Jerry Jones hopes loss to Vikings isn't 'terminal'
After the snap and Prescott's initial read, he looks at Elliott the entire way before making the throw. He had them in position to potentially get a go-ahead score to cap off an incredible game by Prescott.
Trump Honors Veterans at Iconic New York Parade
President Donald Trump will kick off the opening ceremony and parade of New York's 100th annual Veteran's Day Parade. Based on our extensive research, Bush perhaps came closest, of all previous presidents, to attending the NY parade.
According to the data, contraction in IIP was further revised downward to 1.4 per cent in August from 1.1 per cent decline under provisional estimates released last month. "The sequential worsening in the performance of consumer durables and non-durables in September belies any hopes of a pre-festive restocking of inventories", Aditi Nayar, principal economist at ICRA, said.
The industry group "manufacture of motor vehicles, trailers and semi-trailers" recorded the highest negative growth of (-) 24.8 per cent followed by (-) 23.6 per cent in furniture and (-) 22.0 per cent in fabricated metal products, except machinery and equipment. Production in the category remained in the red for the eighth-straight month despite government efforts to open up even more sectors to easier foreign direct investment (FDI) flows earlier this year.
Meanwhile, India's power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy.
Madan Sabnavis, Chief Economist, CARE Ratings, said the latest IIP print was a surprise though it was expected to be in the negative territory.
"The Indian economy is now facing a structural growth slowdown originating from declining household savings rate, and low agricultural growth", Pant said. "However, a possible rise of headline inflation above the medium term target of RBI (4 per cent) may act as a point of caution before the RBI goes for a rate cut". Manufacturing of wood and products of wood and cork, except furniture; articles of straw and plaiting materials have shown the highest positive growth of 15.5 per cent followed by 9.2 per cent in basic metals.