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Decline in August IIP is due to base effects and excessive rain
October 13, 2024
|The Business Guardian
The decline in the India's industrial production for August 2024 is mainly due to base effects and heavy rainfall, which impacted key sectors, highlighted a report by SBI.
The report noted that the Index of Industrial Production (IIP) recorded a marginal contraction of 0.1 per cent year-on-year, a stark contrast to the robust 10.9 per cent growth seen in the same period last year. This decline in growth is attributed to last year's strong performance, creating a high base that makes this year's growth appear weaker.
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