15 out of 23 industry groups in manufacturing contracted in August

Times of India | Oct 12, 2019 at 7:30 AM
  • The industrial output data for August, which showed 1.1% contraction, adds to the string of other numbers, such as slumping vehicle sales, which are testimony to the slowdown that has gripped Asia’s third-largest economy, leading to a rash of growth downgrades by several economists, rating agencies and the central bank.
  • The manufacturing sector declined 1.2% during the month compared with growth of 5.2% in the previous year-ago period.
  • The central bank has unveiled five consecutive rate cuts to revive growth.