Industrial production grows 2.6% in July
Zee Media Bureau/Rd Alexander/Diwash Gahatraj
New Delhi: Showing a small light of hope amidst a bleak Indian economy, industrial production in July jumped by an unexpected 2.6 percent, the first rise in four months, government data showed on Thursday.
The surprise jump comes amidst efforts by the government to improve the economic condition of the country.
The industrial output was led by manufacturing, which constitutes 75 percent of the output, growing 3.0 percent during the July period.
Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 1.1 percent during the April-June period this year.
Industrial outputs had contracted by 2.2 percent in June, 1.1 percent in May which was the lowest in 11 months and 2.3 percent in April.
Earlier during the day, Sensex slumped by 215.57 points, the first loss in six sessions, as investors adopted a cautious stance ahead of IIP data. The rupee also weakened by 12 paise to close at 63.50 against the dollar.