New Delhi: Consumption slowdown, along with flooding across several states in September, contracted India’s eight major industries’ output rate by over 5 percent.
Economists and industry watchers blamed consumption slowdown and heavy rainfall and flooding in several states in September as the prime reason for the dismal performance.
The Index of Eight Core Industries showed that contraction in September came after a marginal growth of 0.1 percent registered in August.
The contrast in output pace was even more evident on a year-on-year basis when the growth rate stood at 4.3 percent in September 2018.
The eight core industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.
According to the Index of Eight Core Industries, barring fertilizers, all the other seven sectors contracted in September.
The core sectors comprise 40.27 percent of the weight of items included in the Index of Industrial Production. (IANS)
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