India's Factory Output Returned To Growth Trajectory In September After Contracting Steadily For Six Months: Govt Data

India's Factory Output Returned To Growth Trajectory In September After Contracting Steadily For Six Months: Govt DataAn industrial and transport equipment manufacturing factory.

Latest government data shows that the national industrial output had turned to growth in September month after contracting for six straight months, indicating a turnaround for the COVID-19 pandemic hit economy, reports Livemint.

As per the data released by the Ministry of Statistics and Program Implementation (MoSPI), in September, the factory output grew marginally by 0.24 per cent from the year-ago period. Furthermore, the factory output of consumer durables such as cars and household appliances grew by 2.77 per cent after a continued 15 months of contraction. Mining and electricity outputs also witnessed growth.

Meanwhile, capital goods (CG) output stayed in the negative zone. However, the extent of contraction witnessed among the CG slowed down to 3.28 per cent in September compared to August month's contraction of 14.7 per cent.

Manufacturing output also witnessed a slight contraction of 0.6 per cent. This too, however, was an improvement over the 4.3 per cent contraction recorded in the year-ago period.

Meanwhile, in a bid to stimulate the economy and unleash potential high growth, the government yesterday (12 November) unleashed further measures under Atmanirbhar 3.0 package.