India’s October industrial output rises 0.4% y/y

NEW DELHI: India’s industrial output grew 0.4% year-on-year in October, slowing sharply, government data showed on Monday, as fewer working days on account of major festivals dragged activity across sectors.

The extended monsoon and cooler temperatures also reduced electricity demand, adding to the overall weakness in the output.

Economists polled by Reuters projected a growth of 3.1%. The industrial output rose at a revised 4.6% year-on-year in September.

KEY NUMBERS

Manufacturing output was up 1.8% year-on-year in October, as compared to a revised 5.6% rise a month ago.

Electricity generation fell 6.9% year-on-year in October, as against a rise of 3.1% in September.

Mining activity showed a decline of 1.8% year-on-year in October against a decline of 0.4% a month earlier.

India’s November business growth slows to 6-month low on weak manufacturing, PMI shows

Output of consumer durables, including cars and phones, fell 0.5% as compared to a revised growth of 10% in September.

Output of consumer non-durables, such as food items and toiletries, declined 4.4% year-on-year in October against a revised fall of 0.3% a month ago.

Capital goods output rose 2.4% year-on-year in October against a revised increase of 5.4% in September.

Industrial output in April-October grew 2.7% as compared to an increase of 4% a year earlier.