FRONT PAGE: Industrial output contracts 2.3% in March; poor show by manufacturing.

from BUSINESS LINE, May 13, 2009 New Delhi, May 12 - Industrial output in March 2009, compared with the same month the previous year, contracted by 2.3 per cent.

However, in comparison to February 2009, the Index of Industrial Production (IIP) improved from 274.2 points to 297.9 points, suggesting a mild recovery, even though it is early days yet.

There was a sharp spurt in the index reading for March 2008, which accounted for the poor showing in March 2009. Thus the base effect has been strong.

Data from the Central Statistical Organisation showed on Tuesday that a poor manufacturing performance, led by the capital goods (output for March 2009 …