IIP: Industrial Production Up 3.6 Percent In October

IIP: Industrial production up 3.6 percent in October, manufacturing growth up 3.5 percent: Government data.

In October this year, industrial production increased by 3.6 percent.

According to official data released on Friday, this growth in industrial production has been recorded mainly due to better performance in sectors like manufacturing and power generation.

According to data from the Index of Industrial Production (IIP), sectors such as manufacturing, electricity production showed an increase of 3.5 percent and 11.2 percent respectively in October.

However, the mining sector saw a contraction of 1.5 per cent. Earlier in October 2019, IIP saw a contraction of 6.6 percent.

In September this year, industrial production showed an increase of 0.5 per cent. Thus, the October growth is pointing to a sustained recovery in industrial production in India.

The data released by the Ministry of Statistics said that the capital goods sector registered a growth of 3.3 percent in October. This sector witnessed growth for the first time since March.

India’s economic growth figures in the second quarter of the current financial year were better than expected as a result of the extraordinary flexibility shown by domestic industries.

From July to September quarter, there was a contraction of 7.5% in the country’s GDP.

At the same time, there was a contraction of 23.9 percent in the country’s GDP in the first quarter of the current financial year.

Newspaper industry losses of Rs 12,500 crore due to Covid-19, Indian Newspaper Society demands relief package.

President of the Indian Newspaper Society, L.P. Adimoolam has demanded the government of India to immediately announce a relief package for the newspaper industry.

The INS has been demanding the announcement of a relief package for the past several months.

In the last eight months, the newspaper industry has suffered a loss of Rs 12,500 crore due to the Corona epidemic and this level of loss could reach 16,000 crore in a year.

The package mainly calls for a 50 per cent increase in government advertising rates, an increase of 200 per cent in government spending on print media and immediate payment of old dues.

According to the president of INS, the Corona epidemic has adversely affected both the advertisement and the circulation of the newspaper and as a result the industry is experiencing unprecedented revenue crisis.

As a result, many publishers have either discontinued their publication or halted the publication of some of their editions indefinitely.