He is, however, hopeful that impact of recent reforms initiatives will manifest in the data for the second half of the fiscal.
Industrial growth, as measured by Index of Industrial Production slowed to 2.7 per cent in August, from 3.4 per cent in the corresponding period last year.
The industrial output for the third month in a row remained in the negative territory, contracting 1.5% in January
As per the official data, industrial output in the April-June quarter too contracted by 0.1 per cent this fiscal, against a growth of 6.9 per cent in the corresponding period a year ago.
On a day like this, the market breadth was predictably strong. Out of 2,827 stocks traded on the BSE, there were 1,629 advancing stocks as against 1,105 declines.
Global trends, macroeconomic data announcements and the start of the earnings season would be the major drivers for the equity markets in a holiday-shortened week, analysts said. Equity markets will remain closed on Thursday for Eid-Ul-Fitr. Trading activity of foreign investors, rupee-dollar trends and crude oil prices would also guide trends in markets.
Markets ended lower, amid weak global cues, on profit taking and February IIP data due later today.
This is the fourth straight weekly plunge for both the indices.
Factory output growth, as measured by the Index of Industrial Production, fell sharply to 1.8 per cent in December 2011, from 8.1 per cent a year ago, mainly on account of contraction in mining, capital goods and poor growth in manufacturing sector.
In terms of industries, 22 out of 23 industry groups in the manufacturing sector showed positive growth during July 2018.
Expressing serious concern over contraction in industrial output in November, India Inc called for immediate policy interventions, including a rate cut by RBI, to prevent job losses and boost demand.
The growth of eight key infrastructure sectors slowed down to a 4-month low of 8.1 per cent in September 2023 against 8.3 per cent a year ago, according to the official data released on Tuesday. The growth rate in the output of refinery products, fertiliser, cement and electricity during the month under review has decelerated, while it was negative in the case of crude oil. The previous low was in May, when the growth rate of these sectors stood at 5.2 per cent.
India's industrial production rose to 5.2 per cent in May from 4.5 per cent in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7 per cent in May 2022, mainly due to a lower base effect. "The growth rates over corresponding period of previous year are to be interpreted, considering the unusual circumstances on account of COVID 19 pandemic since March 2020," an official statement explained.
Sharma, who has been regularly reviewing the situation with senior officials, has expressed concern over the drop in industrial performance in the recent months, the statement said.
India's industrial output contracted by 0.6 per cent in December, 2012 compared to a growth of 2.7 per cent in same month a year ago.
Though it was 2.7 per cent higher compared to the corresponding month last year, this could be just a blip if one look at the performance of individual components of the index.
Industrial production (IIP) grew to a three-year high of 6.4 per cent in August, up from 4.1 per cent in July.
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
Petitioning the RBI to slash key interest rates, India Inc on Thursday said the recovery in industrial production in November must be seen with "caution" as the performance of critical sectors like capital goods remains poor.
Stock markets would take cues from the upcoming macroeconomic data announcements and global trends besides keeping a watch on the trading activity of foreign investors, analysts said. The last batch of the ongoing earnings calendar would trigger stock-specific action, traders said. "This week, we have to deal with macroeconomic data on both the domestic and global front.
Expressing disappointment over the contraction in industrial growth in October, India Inc has appealed to the Reserve Bank to cut interest rates to revive the manufacturing sector and ameliorate investments.
India's industrial production grew by 1 per cent in December, official data showed on Friday. According to the Index of Industrial Production (IIP) data, the manufacturing sector output grew by 1.6 per cent in December 2020.
The production growth of eight key infrastructure sectors slowed to a six-month low of 7.8 per cent in November due to a decline in the output of crude oil and cement sectors. The growth rate in the production of coal, fertiliser, steel, and electricity also decreased during November this year. According to the data released by the government on Friday, the growth during the month under review, however, is higher than the 5.7 per cent recorded a year ago.
Trading in the equity market this week will be highly influenced by a host of important triggers, with quarterly earnings from IT majors TCS, Wipro, and domestic inflation and IIP data taking the centre stage in dictating the movement in equities, analysts said. Besides, global factors and trading activity of foreign investors will also drive markets. "We are approaching the first quarter earnings season, with HCL Tech, TCS and Wipro set to report their earnings this week.
India's industrial production growth slipped to five-month low of 1.1 per cent in March from 5.8 per cent in February 2023, mainly due to poor performance of power and manufacturing sectors, according to official data released on Friday. The previous lowest level of growth was recorded in October 2022 at a contraction of 4.1 per cent. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in March 2022.
Market breadth was marginally lower with 1,474 losers and 1,395 gainers on the BSE.
India's annual industrial output grew at a slower-than-expected pace of 3.6 percent in September.
India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 1.2 per cent in February 2022.
According to a statement available on the Ministry of Statistics and Programme Implementation website, gross domestic product, consumer price index and index of industrial production will now be released at 5.30 in the evening.
India Inc on Friday expressed the hope that the robust 17.6-per cent industrial growth in April will help the economy grow by 8.5 per cent in this fiscal, even though factory output growth may moderate after June.
The market breadth was weak. Out of 2990 stocks traded on the BSE, there were 1080 advancing stocks as against 1848 declines.
The growth of eight key infrastructure sectors slowed down to 4.3 per cent in May 2023 due to a decline in the production of crude oil, natural gas and electricity, according to the data released by the government on Friday. The core sector growth was 19.3 per cent in May 2022, while in April 2023, the key infra sectors recorded a growth rate of 4.3 per cent. During April-May this fiscal, the output growth of these eight sectors slowed down to 4.3 per cent against 14.3 per cent in the year-ago period, the data showed.
The Nifty ended down 51 points at 4,953 - slipping once again below the 5,000 mark which it had crossed yesterday.
An impressive performance by the manufacturing sector catapulted industrial growth to 7.8 per cent during the first four months of the current financial year.
India's industrial production growth perked up slightly to 5.2 per cent in January from 4.7 per cent in December 2022, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Friday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at two per cent in January 2022.
Progress on monsoons along with favourable base effect in 2HFY2017 continues to point towards RBI achieving its near 5 per cent inflation target by the year-end
The output of eight key infrastructure sectors jumped by 12.1 per cent in October 2023 against 0.7 per cent expansion in the year-ago period on account of a sharp uptick in production of coal, steel, cement and electricity, according to the official data released on Thursday. These numbers assume significance as the eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- contribute 40.27 per cent to the Index of Industrial Production (IIP). Growth was primarily driven by a low base effect and double-digit growth in four sectors -- coal, steel, cement and electricity.
Production of eight infrastructure sectors increased by 5.4 per cent in November against a 3.2 per cent growth in the same month last year on a better show by coal, fertiliser, steel, cement and electricity segments, according to the official data released on Friday. Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.
The consumer durables segment declined by 23.4 per cent in June, as against a dip of 10.1 per cent a year ago.
The Index of Industrial Production for the same month last year stood at 12 per cent. For the first half of the current fiscal (April-September 2007) too, IIP slipped to 9.2 per cent against 11.1 per cent in the corresponding period a year ago, an official release said on Monday. During September, the manufacturing sector growth decelerated to 6.6 per cent as compared to 12.7 per cent in the same month last year.
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