Latest IIP data not worrisome: Nirmala Sitharaman

Kolkata: The latest Index of Industrial Production data – which logged in 5-month low growth rate for August – was not worrisome as some other sectors were showing signs of expansion, Minister of State for Commerce and Industry Nirmala Sitharaman said today.

“The new government in the last few months has (taken) every possible measure to revive the confidence like ease of doing business and better regulations,” Sitharaman told reporters here today.

She said that had it not been the case, global rating agencies like Standard & Poor’s would not have given a stable outlook on India.

“There are definite signs of improvement. The automobile and some core sectors are doing well,” the minister said, adding that the IIP data would have no impact on the second quarter of GDP growth.

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Industrial production growth as measured by IIP slowed down to 5-month low of 0.4 per cent in August mainly due to contraction in manufacturing output and lower offtake of consumer goods.

PTI