IIP contracts to 3.8% in Oct

The Index of Industrial Production (IIP) data released by the Central Statistics Office revealed that India’s industrial output contracted to 3.8% month-on-month (MoM) for the 3rd consecutive time in October against 4.3% in September. The slide was led by a contraction in the manufacturing sector followed by construction. According to the findings, 18 out of the 23 industry groups in the manufacturing sector have shown negative growth during the month of October 2019 as compared to the corresponding month of the previous year. October manufacturing showed monthly degrowth of 2.1%.