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Industrial growth slows to 5-month low
Economic growth; Industry
News:
- Data released by Central Statistics Office (CSO) show that industrial output growth has slowed to a 5-month low of 4.4% in March
Important Facts:
- The slow industrial output growth has been attributed to a fall in capital goods production and deceleration in mining activity
- The industrial growth (measured by the Index of Industrial Production (IIP)) in 2017-18 declined to 4.3 per cent, from 4.6 per cent in the previous financial year
- Manufacturing sector (contributes 78% of industrial output) grew at 4.4 percent in March as compared to 3.3 percent in the same month a year ago
- Since India meets 80% of its oil demand from imports, the present rise in oil prices pose a great challenge for India. Companies with significant transport cost might cut their expansion plans as low rural demand has affected India’s economic growth.
- The RBI is expected to hold interest rates in its next policy meeting due to rising concerns of inflation
- The India Prime Minister plans to boost infrastructure sector by investing 5.97 trillion rupees in 2018-19 fiscal year.
