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India’s May industrial production falls 1.6 pct as manufacturing, mining stall

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Core Tip:MUMBAI, India India says industrial production for the month of May fell by 1.6 per cent from the previous yea

MUMBAI, India India says industrial production for the month of May fell by 1.6 per cent from the previous year, the latest sign that Asias third-largest economy continues to struggle.

Weak mining and manufacturing performance dragged down industrial output for May. The April numbers from the Central Statistics Office showed growth of 2.3 per cent.

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Mining production was down 5.7 per cent and manufacturing fell by 2 per cent over the previous year. The electricity sectors output grew by 6.2 per cent.

Indias once-bright economic outlook has been marred in recent months by stalling growth rates, high inflation and deficits in both its current accounts and the government budget.

Gross domestic product growth for the quarter ending in March was just 4.8 per cent, down from the 8 to 9 per cent level of just a few years ago.


 
 
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