Industrial growth nosedives to 1.3% in Aug

Industrial growth nosedives to 1.3% in Aug

New Delhi: Amidst crisis in the global financial markets, India on Friday reported a sharp drop in industrial growth to 1.3% in August from a high of 10.9 a year-ago.

The manufacturing sector put out a dismal performance growing by a mere 1.1% as against 10.7% in the same period a year ago.

For the five-month period (April-August 2008-09), the industrial growth saw a big drop to 4.9%, from 10%.

After a brief recovery, the Bombay Stock Exchange benchmark Sensex fell again by over 900 points tracking release of the IIP and core infrastructure data.

The growth in key infrastructure industries too dipped to 2.3 per cent in August 2008, compared with 9.5 per cent in the same period last year.