Industrial production growth up 4.3% in July, retail inflation touches 3.21%

Industrial production growth up 4.3% in July, retail inflation touches 3.21%

Annual retail inflation in August was slightly higher compared with 3.15% in the previous month, and in line with analysts' forecasts.

India's economy reported its weakest growth in more than six years at 5% in the June quarter and slowed for the sixth straight quarter, prompting the government to unleash a spate of measures to spur economic activity. The Index of Industrial Production (IIP) grew 6.5% in July 2018.

Inflation in rural areas of the country was at 2.18% and 4.49% in the urban areas in August.

The cumulative growth for the period April-July 2019 stood at 3.3 per cent, down from 5.4 per cent growth in the same period a year ago.

Meanwhile, India's factory output growth, measured by the Index of Industrial Production, grew 4.3 per cent in July 2019 as compared to the level in the month of July 2018, government data showed.

The power generation sector grew at 4.8 per cent in July, compared to 6.6 per cent a year ago earlier. Mining sector grew at 4.9 per cent in July as compared to 3.4 per cent in the corresponding period past year.

Data released today showed the CPI core index rose 0.3% during August.

Consumer price-based inflation at 3.21 per cent is well below the Reserve bank of India's (RBI's) medium-term target of 4 per cent.

Retail food prices, which make up almost half of India's inflation basket, increased 2.99 percent in August year-on-year, compared with a revised 2.36 percent in July, while prices of services such as education, health and entertainment climbed between 5.54 percent and 7.84 percent.

The RBI, which mainly factors in CPI for arriving at its bi-monthly monetary policy, has been mandated by the government to ensure that inflation remains at 4%, with deviation of 2% on either side.



Latest news

Google Pixel 4 leak: astrophotography mode is coming!
The Google Pixel 4 will be receiving an all-new astrophotography mode, according to a newly leaked promotional video. Although very late to the game, Google's facial recognition technology is more advanced than competition.

Joe Biden and Elizabeth Warren to face off in third Democratic debate
As Vox notes, every candidate who qualified for tonight's debate is automatically qualified for the October debate as well. Candidates have to reach the same criteria as Thursday's debate to qualify, but the field is already looking bigger.

Married murder suspects captured in Arizona after weeks on the lam
They were in transit back to their home state from upstate NY when they overpowered two security officers in Blanding, Utah . Bligh's brother said the victim was good friends with Susan Barksdale but she had changed since meeting her new husband.

IEA says oil demand subdued on economic uncertainty
At the same time, Saudi Arabia cut back on both crude and refined product exports. A further drag on crude prices is rising supply.

Saudi Arabia wants to enrich uranium for nuclear power, says energy minister
The oil carter has been cutting production in an attempt to ease a global oil glut that has pressured crude prices. But the style of Saudi Arabia's oil-market management is likely to be different.

Other news