India’s industrial production falls 1.6 pct in May
MUMBAI, India (AP) — India’s industrial production for the month of May fell by 1.6 percent from the previous year, the latest sign that Asia’s third-largest economy continues to struggle.
Weak mining and manufacturing performance dragged down industrial output for May, according to figures released Friday by the Central Statistics Office. The April numbers had showed growth of 2.3 percent.
Mining production was down 5.7 percent and manufacturing fell by 2 percent over the previous year. The electricity sector’s output grew by 6.2 percent.
India’s once-bright economic outlook has been marred in recent months by stalling growth rates, high inflation and deficits in both its current accounts and the government budget.
Gross domestic product growth for the quarter ending in March was just 4.8 percent, down from the 8 to 9 percent level of just a few years ago.