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IIP records negative growth of 0.4% in Oct

The country's industrial output shrunk for the first time in many years to a record a negative growth of 0.4 per cent in October, stifled by manufacturing sector -- for rescuing which the government announced a stimulus package earlier this mo nth. Output had grown by 5.45 per cent in September, and 12.2 per cent in October, 2007.

The Index for Industrial Production numbers for the seven-month period ended October was 4.1 per cent against 9.9 per cent a year ago.

Manufacturing sector, which accounts for 80 per cent of the index, declined to 1.2 per cent from 13.8 per cent in the year-ago period.

Only earlier this month, the government sought to rescue manufacturers by announcing an across-the-board (barring petroleum goods) four per cent cut in excise duty.

Electricity sector grew by 4.4 per cent during the month, bettering 4.2 per cent output of the year-ago period, while mining sector grew by a slower 2.8 per cent against 5.1 per cent in the previous year's comparable period.

The overall decline was mainly on account of fall in intermediate and consumer goods. For the seven-month period ended October 2008, manufacturing sector posted a growth of 4.2 per cent from 10.6 per cent a year ago. Power sector output for the period under review as 2.8 per cent from 7.2 per cent, mining 3.7 per cent from 4.9 per cent.

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