- Industrial growth slid into negative territory and is not expected to recover. This is mainly due to a lull in manufacturing, especially of capital goods.
- The contributing reasons are:
- Reduction in consumer demand
- High inflation
- Unaffordable rates on EMIs
- 13 of the 22 industry groups in manufacturing showed negative growth with the steepest decline in ‘Radio, TV and communication equipment and apparatus’ (-) 34.1%, followed by ‘Electrical machinery and apparatus’ (-) 24.6%, ‘Wearing apparel; dressing and dyeing of fur’ (-) 21.3%.