There is another big sign of slowdown in the economy. Industrial production fell 1.1 percent in August. During this period, manufacturing, power generation and mining sector saw weakness. This is said to be the biggest drop in industrial production since February 2013.
At the same time a year ago, in the same month i.e. August, 2018, there was a growth of 4.8% in IIP.
The manufacturing sector, which contributes 77 per cent to the IIP, recorded a 1.2 per cent decline in production, compared to a 5.2 per cent growth in the same month last year. At the same time, electricity generation registered a decrease of 0.9 percent, while in August 2018, there was a growth of 7.6 percent. The growth rate of the mining sector remained flat at 0.1 percent.
Looking at the period up to April-August, IIP registered a growth of 2.4% during this period, which was significantly lower than the 5.3% in the same period last year.
Recently there was also a news in the media that the economic growth of Bangladesh has surpassed the economic growth of India which is a matter of big shame and tension of Indian government.
No matter how much the Indian government try to avoid these discussions but they can not escape from the reality. The finance minister Nirmala Sitharaman also gave an excuse that this is not just about the slow down in Indian economy but there is a economic slowdown in the entire world, but than the reality is far away from their statements.
How come the economic growth of Bangladesh has surpassed the economic growth rate of India. Also to mention that India is the worst performing country in economic growth in entire BRICS nations.
