Key Points
NEW DELHI: Indias factory output growth slowed to a five-month low of 1.1% in March, a sharp decline compared to 5.8% in February 2023, as slowing demand globally and inventory glut reduced the pace of manufacturing in the country, official data showed on Friday...
Economists expressed concern over slowing manufacturing growth, stating that domestic consumption demand going forward would be crucial given that external demand is likely to remain weak..
Drawing attention to the contradictory results of factory output in March shown between the S&P Global Purchasing Managers Index (PMI) and IIP, Madan Sabnavis, chief economist of Bank of Baroda, said IIP numbers do not gel with the PMIs announced and hence PMI need to be viewed with caution"..
Amid the Union governments announcement of a sharp rise in capital expenditure during the Union budget, infrastructure and construction goods posted a growth of 5.4% compared to a 6.7% expansion in the same period a year ago..
The data also showed that the output of primary goods logged 3.3% growth in the month against 5.7% in the year-ago period..
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