July Indian IIP @ 3.3%, Capital goods worst hit @ -15%

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IIP growth fell to a dismal 3.3% in July this year on account of poor performance mainly by capital goods, manufacturing and mining sectors, confirming the slow down in economy due to higher interest rates. During the April-July period of this fiscal, IIP growth stood at 5.8%, as against 9.7% in the corresponding four-month period last year.

Output of the manufacturing sector, which constitutes over 75% of the index, grew by only 2.3% in July compared to 10.8% expansion in the same month last year. The worst performing segment was the production of capital goods which declined by 15.2% in July, in comparison to a growth of 40.3% in the same month of 2010.

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