Morgan Stanley Report: Major financial services company Morgan Stanley has said in a report that India’s industrial output (IIP) stood at a four-month low of 2.4 per cent in July, from 12.3 per cent in June. Morgan Stanley said this is less than its estimate of four percent. On a sequential basis, IIP declined by 7.1 per cent month-on-month, as against an increase of 2.5 per cent in June.
Growth rate of all sectors slow in India’s IIP data: Morgan Stanley
According to the report, although growth was slow in all sectors, but the mining sector registered a decline of 3.3 percent. Growth in manufacturing activity slowed to 3.2 per cent and electricity generation by 2.3 per cent.
Declining growth in all industrial sectors – Morgan Stanley
According to Morgan Stanley, on a year-on-year basis, growth in all industrial sectors declined, with the non-durable consumer sector witnessing a two per cent decline. Capital goods registered the highest growth of 5.8 per cent. It is believed that the month of July 2021 was affected by Corona, so these figures have also come due to the low base effect.
Industrial production falling continuously since May 2022
Morgan Stanley said that there is a constant difference in domestic versus external demand. Let us tell you that after touching the figure of 19.6 percent for the month of May, only a decline is being recorded in the Index of Industrial Production (IIP) figures. Due to the global recession, there is an impact on business, financial condition and business sentiments, which is coming out in the form of decline in industrial production.
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