New Delhi, October 13: While Prime Minister Narendra Modi led central government is busy politicising surgical strikes and propagating Chinese goods ban for political mileage, the Index of Industrial Production (IIP) has exposed the dooming industrial growth in the country.
During the first five months of the current fiscal year the industrial growth has ebbed out at the lowest level, as compared to the last 10 years.
Historically in 2008 the biggest financial crisis hit globally. The industrial growth during April-August 2009, post the 2008 crisis, is better than the current levels. The industrial growth during April-August 2016 is -0.27%, which is the lowest negative number since 2007-08.
So the IIP data clearly indicates looming industrial sector.
The manufacturing has receded by 1.18% which is the worst contraction in the last five years. Maximum contraction took place in capital goods.
Blame it on drought or declining confidence of the industry, non-durable consumer goods too have been lowest in the last five years. Only consumer durables saw a growing number, but that too is lower than what it has been a year ago.
Read more: Country’s industrial output in August fell to 0.7 per cent from a year ago