- Conglomerates under collective watch of regulators, says SebiSome improvement expected in Indian economy after a bad 2013Manmohan Singh: Indian economy to grow at 5 pct, despair unwarrantedEconomic growth in India set to rise in 2014, but markets want stability, not Arvind Kejriwal's AAP: Citigroup
Dashing hopes of recovery by the Indian economy, Index of Industrial Production (IIP) contracted by 2.1 per cent in November, the lowest in six months, mainly due to poor performance of manufacturing sector and lower output of consumer goods particularly white goods.
Factory output, as measured in terms of the Index of Industrial Production, declined by one per cent in November 2012.
Meanwhile, contraction in IIP for October last year has been revised marginally to 1.57 per cent from the provisional estimate of 1.8 per cent dip in production.
The previous low in IIP was recorded at (-) 2.5 per cent in May, 2013.
According to data released by the government, industrial output for April-November period in 2013, too, contracted by 0.2 per cent as compared to a growth of 0.9 per cent in the same period of 2012-13.
The manufacturing sector, which constitutes over 75 per cent of the index, declined by 3.5 per cent in November as against a contraction of 0.8 per cent a year ago.
During April-November, the sector's output contracted 0.6 per cent compared to a growth of 0.9 per cent in same period in 2012.
Overall, the consumer goods output declined by 8.7 per cent in November compared to a contraction of 0.3 per cent in the same month in 2012.
During April-November, 2013, the consumer goods output contracted by 2.6 per cent compared to 3.6 per cent growth in the corresponding period in 2012.
The consumer durables segment contracted by 21.5 per cent in November as against a growth of 1.1 per cent in the same month in 2012.
During April-November, the segment declined by 12.6 per cent compared to a growth of 5.2 per cent the same period in 2012.
In terms of industries, 10 out of 22 industry groups in the manufacturing sector have shown negative growth during the month of November.
The growth in consumer non-durables sector was 2.5 per cent in November as against a contraction of 1.5 per cent in the same month in 2012. During April-November 2013, the segment's growth was 6.3 per cent compared to 2.3 per cent growth in the same period in 2012.
The mining sector, with a weight of about 14 per cent in IIP, grew by one per cent in November as against a dip of 5.5 per cent in the same month in 2012.
During April-November, the output shrank by 2.2