Contraction in IIP for two consecutive months to impact India’s Chemical & Petrochemical Industry
India’s industrial production shrank by 4.3 % in September, registering the weakest performance in seven years due to output decline in manufacturing sector including Chemical & Petrochemical industry. According to the official data of Central Statistics Office (CSO) data, this contraction is the lowest in 2011-12 series of Index of Industrial Production. Automotive industry which produces motor vehicles, trailers and semi-trailers has shown the highest negative growth of 24.8 per cent. This sluggishness in the economy mainly in manufacturing sector is anticipated to impact the demand of raw materials including bulk chemicals & petrochemicals.