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India's industrial production contracted by 0.80 per cent in August against 2.2 per cent growth recorded in the previous month, as per the government data released on Wednesday.
Industrial production as measured in terms of the Index of Industrial Production (IIP) had posted a growth of 13 per cent in August 2021. The Ministry of Statistics & Programme Implementation on Wednesday released the Quick Estimates of Index of Industrial Production (IIP) for the month of August 2022. For the month of August 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stand at 131.3. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2022 stand at 99.6, 131.0 and 191.3 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP, the ministry said. As per use-based classification, the indices stand at 129.4 for primary goods, 95.7 for capital goods, 145.6 for intermediate goods and 150.8 for infrastructure/ construction goods for the month of August 2022. Further, the indices for consumer durables and consumer non-durables stand at 118.6 and 133.6 respectively for the month of August 2022. Meanwhile, India's retail inflation surged to 7.41 per cent in September, remaining above the Reserve Bank of India's mandated range of 2-6 per cent for the third straight quarter that would force the central bank to explain to the government the reasons for not being able to control the price rise. As per the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, data released on Wednesday, the Consumer Price Index (CPI) based inflation rose to 7.41 per cent in September from 7 per cent in the previous month. CPI-based retail inflation stood at 4.35 per cent in September 2021. The price rise has been sharper in rural India. CPI-based inflation in rural India surged to 7.56 per cent in September while for the urban India it stood at 7.27 per cent. The headline inflation has been above the RBI's mandated tolerance range of 2-6 per cent for three consecutive quarters. Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rise if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row. Now the RBI will have to explain to the government why inflation remained above the mandated 2-6 per cent range. (ANI)
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