India's factory output dips 1.5% in Jan

India's industrial production contracted for the third consecutive month in January prompted by a sharp decline in manufacturing and capital goods sectors, posing fresh challenges for policy makers against the backdrop of a sluggish global economy. Data released by the Central Statistics Office showed that industrial production shrank an annual 1.5 per cent in January as compared to 2.8 per cent growth in the year-ago month and a decline of 1.2 per cent in the previous month. The manufacturing sector, which accounts for 76 per cent of the index, fell 2.8 per cent year-on-year in January compared to a growth of 3.4 per cent in the year earlier month.