India’s industrial growth during the first five months of current fiscal, has been worse in last decade going down by 0.27 per cent, according to the Index of Industrial production (llP).
Moreover, India’s industrial production stood at 18.14 in the first five months in 2007-2008 fiscal, showing a major decline in Industrial growth.
The industrial growth rate is also worse than the five-month period in fiscal 2009,which triggered the global financial crisis, soon after the collapse of Lehman brothers.
According to Indian Government, India’s industrial output contracted for a second straight month in August, falling by 0.7 percent from a year earlier, led by declines in mining and manufacturing production.
According to the report, So far this year the manufacturing sector shrunk by 1.18 per cent, lowest in five years.