Dashing hopes of a rebound, the industrial output contracted to a four-month low of 0.1% in November due to poor performance of manufacturing and mining sectors and decline in production of capital goods.
The industrial output, as measured by the Index of Industrial Production (IIP) dipped from a robust 8.3% in October. The decline may prompt the Reserve Bank to consider rate cut in its quarterly review on January 29 to boost growth.
The industrial output had grown by 6% in November, 2011. Meanwhile, in July, 2012 it showed a contraction of 0.1%.
Factory output growth was 1% in April-November period this fiscal, down from 3.8% in the same period in 2011-12, according to official data released here today.
Meanwhile, the growth in the industrial production during October last year was revised upward to 8.3%, from earlier provisional estimates of 8.2% released last month -- highest in previous 16 month.
The manufacturing sector, which constitutes over 75% of the index, grew by meagre 0.3% in November in 2012, as against a 6.6% in 2011.
The output of the key sector remained low at one% in April-November last year as against 4.2% growth in the same period in 2011.
The mining output in November contracted by 5.5% compared to a decline in production by 3.5% in same month in 2011. The sector's production in April-November also declined by 1.5%, against a contraction of 2.4% in the year-ago period.
Capital goods output declined by 7.7% in November, as against a contraction of 4.7% in same month in 2011.
The output of capital goods also contracted in the April-November period by 11.1%, as against a dip in production by 0.1% in the 2011-12 period.
Power generation grew by 2.4% in November, as against 14.6% in same month in 2011.
The electricity generation in the April-November period this fiscal is 4.4%, as against 9.5% in a year-ago period.
Consumer goods output growth was 1% in November as against 12.8%. In the April-November period of this fiscal, the growth in consumer goods was 3.8% as compared to 5% in the same period of 2011-12.
The growth in output of consumer durables is 1.9% in November, as compared to double digit growth of 10.4% in the same month in 2011. The growth in the output of these goods remained flat at 5.2% in April-November this fiscal.
The consumer non-durables output growth was 0.3% in November, as against a 15% in the year-ago period. This segment grew by 2.5% in the eight month period of this fiscal, as against 4.9% in the same period of 2011-12.
The basic goods production growth was 1.7% in November, compared to 6.5% the year-ago period.
During the April-November period, this segment recorded a growth of 2.8%, compared to 6.3% in the first eight months of last fiscal.
The intermediate goods output declined by 1.1% in November as compared to a growth of 1.3% in the same month in 2011. During the April-November period this fiscal, growth in the output of these goods was 1.8% compared to a contraction of 0.6% in the eight month period a year ago.
In terms of industries, 13 out of 22 groups in the manufacturing sector have shown negative growth in November, 2012 as compared to the same month in 2011.
