Record Fall in Industrial Production, GDP Could Be Less Than 6%

by GoNews Desk 2 years ago Views 1641

Record Fall in Industrial Production, GDP Could Be
A record six-year-fall has been registered in Indian industrial output this year. During the six months from April to September this year, the rate of industrial growth was just 1.3% due to which it is feared that the total growth rate could remain less than 6% in 2019-2020.

From the presentation of the budget to date, the Finance Ministry has made several efforts to speed up the economy but the slowdown in the industry continues.  

During the first six months of this financial year, growth was at just 1.3%, which is the lowest in six years. There was a fall of 4.31% in this during the month of September, which means that industries are declining.

Apart from metals, all indicators have been negative. The biggest fall has been in mining and petroleum products. This means that the production of coal to generate electricity declined and due to falling vehicle sales, petroleum sales were impacted. There was a fall of 3.9% in manufacturing and power generation was down by 2.6%.

These are signs of long-term recession.

If we look carefully at figures, there has been a negative growth of more than 10% in capital goods in six months. There is a 5% negative growth in consumer goods, which had increased by more than 8% in six months last year. It means that this time, during the festive season, there has been a decline in shopping.

All this means that all agencies have estimated this year’s GDP growth till now to be up to 6% but even this could be difficult to achieve.

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