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Industrial production slows to 2.4% in May

The slowdown in industrial production is likely to put pressure on the RBI to cut lending rates at its quarterly policy review at the end of the month

New Delhi: Industrial production growth rate slowed to 2.4% in May 2012 due to contraction in capital goods and mining output, coupled with poor show by manufacturing sector, indicating persistent slowdown that may prompt the Reserve Bank of India (RBI) to cut the lending interest rate, reports PTI.
 

Growth in factory output, as measured by the Index of Industrial Production (IIP), was 6.2% in May 2011, according to the official data released on Thursday.

Meanwhile, the industrial growth rate for April 2012 was revised to -0.9% from 0.1%, as reported earlier.
 

For the first two months of the current fiscal, the industrial growth is sharply lower at 0.8%, compared to 5.7% in the year-ago period.
 

According to the data, the capital goods output declined 7.7% in May, as against a growth of 6.2% in the same month last year.
 

Mining output contracted by 0.9% in May, as against growth of 1.8% in the same month a year ago.
 

The manufacturing sector which constitutes over 75% of the index did not perform well as it grew a meagre 2.5%, as against 6.3% in May 2011.
 

The slowdown in industrial production is likely to put pressure on the RBI to cut lending rates at its quarterly policy review on 31 July 2012.
 

Consumer Durables production showed a faster growth rate of 9.3% in May, as compared to 5.1% in the same month last year.
 

The consumer non-durables segment output growth remained flat at 0.1% in May, as against 9% in the same month last year.
 

Power generation witnessed a slower growth of 5.9% during May compared to 10.3% in the same month a year ago.
 

In all, 12 of the 22 industry groups in the manufacturing sector have shown positive growth during May as compared to the same month a year ago.
 

The output of basic goods went up by just 4.1% in May, as against 7.5% in the same month last year.
 

The intermediate goods grew by 2.7% as against a 0.1% growth in May last year.

The overall consumer goods output growth also slowed to 4.3% in May compared to 7.2% a year ago.
 

The official statement further said that industry group “radio, TV and communication equipment and apparatus” has shown the highest growth of 16.4%, followed by 13.7% in “machinery and equipment”, and 12.6% growth in “fabricated metal products, except machinery and equipment”.
 

On the other hand, the industry group “electric machinery and apparatus” has shown a negative growth of 28.6%, followed by 14.9% in “furniture manufacturing” and 6.8% in “wearing apparel, dressing and dyeing of fur”.

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Railway launches 'Dakshin Darshan' tour

The package, 'Dakshin Darshan’ would cost Rs12,649 per person and will take tourists to cultural, heritage and pilgrimage destinations of Goa, Tirupati, Rameshwaram, Madurai, Thiruvananthapuram, Kanyakumari and Kovalam

Ahmedabad: Indian Railways Catering and Tourism Corporation (IRCTC) announced launch of a special tour package that covers Goa and South India, reports PTI.

 

The package, 'Dakshin Darshan', will be of nine nights/ten days and will start on 7th August from Ahmedabad.

 

Under it, a special train will take tourists to cultural, heritage and pilgrimage destinations of Goa, Tirupati, Rameshwaram, Madurai, Thiruvananthapuram, Kanyakumari and Kovalam.

 

The journey by this special train includes meals, accommodation, transportation, sightseeing, tour escorts and security arrangements, an official statement said.

 

The standard package (sleeper class) will cost Rs12,649 per person and the comfort one is for Rs18,499 (3rd AC).

 

The boarding points for tourists of Maharashtra shall be Kalyan and Pune, he said.

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