Govt not too worried over weak IIP data
13/10/2014 00:06
According to media reports, Nirmala Sitharaman, the Indian Minister of State for Commerce and Industry has said that the latest industrial output numbers which signaled a sharp slowdown in factory output growth in July and August isn’t worrisome for Asia’s third biggest economy amid solid growth in core sectors and the automobile industry as well. She underlined the work done by the Modi government to revive confidence in the economy including making it easier for companies to do business in India by easing regulations. Owing to the country’s improving economic outlook, leading global rating agency Standard & Poor’s (S&P) recently upgraded India’s sovereign credit rating outlook from negative to stable. "There are definite signs of improvement. The automobile and some core sectors are doing well," Sitharaman said, as she saw no major impact of the weak IIP numbers on the second quarter GDP data. India’s industrial output grew at the slowest clip in five months, up by 0.4 per cent in August 2014 from the same month a year ago, as manufacturing output which accounts for nearly 75 per cent of the index, contracted by a massive 1.4 per cent, year on year. Further, July’s industrial output growth was revised downwards to 0.4 per cent from a prior 0.5 per cent.
13/10/2014 00:06
According to media reports, Nirmala Sitharaman, the Indian Minister of State for Commerce and Industry has said that the latest industrial output numbers which signaled a sharp slowdown in factory output growth in July and August isn’t worrisome for Asia’s third biggest economy amid solid growth in core sectors and the automobile industry as well. She underlined the work done by the Modi government to revive confidence in the economy including making it easier for companies to do business in India by easing regulations. Owing to the country’s improving economic outlook, leading global rating agency Standard & Poor’s (S&P) recently upgraded India’s sovereign credit rating outlook from negative to stable. "There are definite signs of improvement. The automobile and some core sectors are doing well," Sitharaman said, as she saw no major impact of the weak IIP numbers on the second quarter GDP data. India’s industrial output grew at the slowest clip in five months, up by 0.4 per cent in August 2014 from the same month a year ago, as manufacturing output which accounts for nearly 75 per cent of the index, contracted by a massive 1.4 per cent, year on year. Further, July’s industrial output growth was revised downwards to 0.4 per cent from a prior 0.5 per cent.
