Indian instrument industry saw a 58.8% year-on-year drop in October

According to data released by the Central Bureau of Statistics of India, Bombay Electricity, India’s industrial production index fell by 5.1% year-on-year in October, the first negative growth in more than two years. The electrical machinery and instrument industry experienced the largest year-on-year decline of 58.8%.

According to data released by India’s Central Bureau of Statistics, Mumbai’s India’s industrial production index fell by 5.1% year-on-year in October, marking the first time in more than two years that negative growth has occurred. Data showed that the manufacturing industry shrank by 6% in October, up from 2.1% in the previous month; the decline in the mining industry expanded from 5.6% in the previous month to 7.2%; the growth rate in the power industry decreased from 9.5% in the previous month to 5.6%. In the manufacturing industry, the electrical machinery and instrument industry experienced the largest year-on-year decline of 58.8%; the machinery equipment, rubber and plastics, and textile sectors declined by 12.1%, 11.4% and 11% respectively; but the food and beverage, office, statistical and computing equipment, The radio and television and communications equipment and medical and precision instrument industries still achieved double-digit growth. By application, capital goods output fell by 25.5%, and basic goods and intermediate goods fell by 0.1% and 4.7% respectively.