Oct core sector output falls after eight-month gap: The output of the core sector, comprising eight crucial industries, contracted for the first time in eight months in October, dashing hopes of an industrial recovery. This could translate into a decline in industrial production in the same month of the current financial year, economists said. According to official data released on Monday, core sector production fell 0.6 per cent in October, the first fall since February, when it had fallen 2.4 per cent. Core sector comprises almost 38 per cent of the Index of Industrial Production (IIP). “This is a definite indication that the IIP would be low or even negative in October,” said Madan Sabnavis, chief economist, CARE Ratings. State Bank of India’s Chief Economic Advisor Soumya Kanti Ghosh said negative core-sector numbers may translate into possible decline of IIP in October. This is despite the fact that October is a festival month.
Posted on: Tue, 03 Dec 2013 09:30:01 +0000
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