Industrial production growth slips to 2% from 7% in June
New Delhi, Aug 9: India's industrial production growth slipped to a four-month low of 2 per cent in June, mainly due to poor performance of mining and manufacturing sectors, according to government data released on Friday.
Factory output, as measured by the Index of Industrial Production (IIP), had expanded by 7 per cent in June 2018.
The previous low in IIP growth was in February 2019, when it had inched up 0.2 per cent. Thereafter, IIP grew at 2.7 per cent in March, 4.3 per cent in April and 4.6 per cent in May this year.
According to data released by the Ministry of Statistics and Programme Implementation, industrial output grew at 3.6 per cent in April-June quarter this fiscal, down from 5.1 per cent growth a year ago.
There was a slowdown in the manufacturing sector, which grew at 1.2 per cent in June 2019 as compared to 6.9 per cent a year ago.
Capital goods segment, which is a barometer of investment, saw a contraction of 6.5 per cent in June compared to 9.7 per cent growth a year ago.
Mining growth dropped to 1.6 per cent in June from 6.5 per cent in the corresponding month of the last fiscal.
The expansion in power generation sector stood at 8.2 per cent, compared to 8.5 per cent earlier.
As per use-based classification, primary goods segment grew 0.5 per cent, intermediate goods 12.4 per cent and infrastructure/construction goods (-) 1.8 per cent in June 2019.
Consumer durables and non-durables recorded growth of (-) 5.5 per cent and 7.8 per cent, respectively.
In terms of industries, 8 out of 23 industry groups in the manufacturing sector have shown positive growth during June as compared to the same month a year ago.
The industry group 'Manufacture of basic metals' showed the highest growth of 17.7 per cent, followed by 16.5 per cent in food products and 10.3 per cent in tobacco products.
On the other hand, the industry group Manufacture of paper and paper products' witnessed the highest negative growth of (-) 19.9 per cent, followed by (-) 14.3 per cent in 'Manufacture of furniture' and (-) 13.9 per cent in 'Manufacture of motor vehicles, trailers and semi-trailers'.
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Iran attacks oil tanker near Dubai; Trump warns of strikes on energy sites if Hormuz remains shut
Tel Aviv/Washington: Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday after US President Donald Trump warned that Washington would target Iran’s energy infrastructure if the Strait of Hormuz is not reopened.
According to a Reuters report, the Kuwait-flagged tanker Al-Salmi is owned by Kuwait Petroleum Corporation and was capable of carrying around 2 million barrels of crude. . It was struck in what authorities later described as a drone attack. The company said the incident occurred early Tuesday, causing a fire and hull damage. No injuries were reported and the fire was brought under control, Dubai authorities said .
Oil prices rose briefly following the attack and added to volatility in global energy markets. In the United States, retail gasoline prices crossed $4 per gallon for the first time in more than three years, according to data from GasBuddy, as crude prices moved above $101 per barrel.
Israel said it carried out missile strikes on military infrastructure in Tehran and on sites linked to Iran-backed Hezbollah in Beirut. Explosions were reported in parts of Tehran, with Iran’s Tasnim news agency saying power outages occurred in the eastern Pirouzi district following the blasts.
The Israel Defense Forces said four soldiers were killed in southern Lebanon. In recent days, three peacekeepers serving with the United Nations Interim Force in Lebanon were also killed in separate incidents in the same area.
Iran’s military spokesperson said Tehran’s latest wave of missile and drone strikes targeted US military positions at five bases in the region and sites in Israel. Thousands of troops from the US Army’s 82nd Airborne Division have begun arriving in the Middle East, according to US officials, expanding Washington’s military options even as diplomatic efforts continue.
White House Press Secretary Karoline Leavitt told Reuters Trump wants an agreement with Iranian leaders before a revised April 6 deadline for reopening the Strait of Hormuz, adding that talks were progressing, while public statements from Tehran differed from private communications.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said proposals received through intermediaries were “unrealistic” and maintained that Iran was focused on defending itself.
In a social media post, Trump said that if a deal is not reached soon and the strait is not reopened, the US would strike Iran’s electric generating plants, oil wells and Kharg Island. However, a report in The Wall Street Journal said Trump had told aides he may be willing to end the military campaign even if the strait remains largely closed and address reopening it later. The White House referred to earlier remarks by Secretary of State Marco Rubio that the strait would be opened “one way or another.”
The administration has also requested an additional $200 billion in funding for the conflict, a proposal that faces opposition in the US Congress.
