The growth of 8 core industries of India has come down to 2.1% in July compared to 2018’s 7.3%, said reports. These 8 industries contribute over 40 % of the country’s Index of Industrial Production (IIP) which has fallen drastically. The data available online reads that output rose 3 % during April to July phase from the year-ago that period. These 8 core industries include coal, crude oil, and electricity, which contributes 40 % of India’s industrial output.
A data shared by Ministry of Statistics & Programme said Industrial production has slowed down to 2 % in June compared with an expansion of 7 % same month last year. Reports added that IIP numbers for the July will be shared later this month.
The data comes a week after GDP growth touched a 25-quarter low with 5 % in the first quarter (April-June) of the current fiscal. GDP has been measured low for the 5th consecutive quarter with the previous low 4.3 % in March 2013.
The latest data shared by the Ministry of Statistics & Programme proved that weak growth will leave a big impact on the economy of the country.
Soon the data was released, Congress came out all guns blazing and targeted PM Narendra Modi government saying if the BJP had any intention to boost the economy they would have kept the petty politics aside and asked for help from Former PM and renowned economist Dr. Manmohan Singh, who stood like a wall at the time of world recession and saved rupee.
In its tweet, Congress shared some numbers comparing the Manmohan era with the Modi regime.
If the BJP govt. had any intention of fixing the mess they have created they would put aside petty politics & seek the help of experts such as Former PM Dr. Manmohan Singh – who has proved his mettle in economic affairs plenty of times.#EconomyKhatreMeinHai pic.twitter.com/t5M7uYBfUf
— Congress (@INCIndia) September 2, 2019
The tweet said, during the UPA time, GDP was 8.2% and now it’s 5%. The unemployment rate was 2.2% in the Manmohan Singh government, which has now raised to 7.9%. Exports growth was 69% and now it is -9.71%. car sales growth has come to -36% with was 7.92% earlier.