Auto industry reports 28% drop in India's IIP for October

The quick  estimates of India's latest Index of Industrial Production (IIP) have been announced. The IIP acts as a barometer of an economy's manufacturing prowess, and the latest data points that the domestic manufacturing industry is in need of severe attention.

The IIP for the month of October 2019, with base 2011-12 stands at 127.7, a drop of 3.8 percent compared to the same period last year. The cumulative growth for the period April-October 2019 over the corresponding period of the previous year stands at 0.5 percent.

Among the category that were among the high negative contributors 'Auto components/spares & accessories' (-0.6109% contribution to IIP), and two-wheelers (motorcycles/scooters) (-0.4979% contribution to IIP) were ranked at No. 4 and No.5 respectively.

In terms of segmentation through industry group the ‘Manufacture of computer, electronic and optical products’ saw shown the highest negative growth (-31.3%) followed by ‘Manufacture of motor vehicles, trailers and semi-trailers’ (-27.9%).