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  3. Industrial output surges 10.8% in Oct

Industrial output surges 10.8% in Oct

13 Dec 2010 Evaluate

Industrial output has registered a 10.8 per cent year-on-year rise in October. It has come on a high base growth of 10.1 per cent for the same month of 2009-10. The latest increase in the official Index of Industrial Production (IIP) has seemingly been driven by higher consumer spending as well as corporate investment.

Production of consumer durables in October was up 31 per cent over last year (on top of a corresponding growth of 18.3 per cent for October 2009),Output was up 22 per cent (10.9 per cent) in the case of capital goods, which is a proxy for investment activity in the economy.

Among the three major constituents of the IIP, manufacturing and electricity recorded higher growth rates of 11.3 per cent and 8.8 per cent in October (against their corresponding levels of 10.8 per cent and 4 per cent for the same month of last year), while the mining index decelerated (6.5 per cent versus 9.1 per cent).

For the April-October period as a whole, industrial growth averaged 10.3 per cent, which was better than the 6.9 per cent for the first seven months of 2009-10.While the cumulative growth was higher in manufacturing (11 per cent versus 6.8 per cent) and mining (8.3 per cent versus 8.1 per cent), it was lower for electricity (4.6 per cent versus 6.3 per cent).Within manufacturing, apart from consumer durables and capital goods, basic goods and intermediate goods have also done reasonably well in October (respective growth rates of 7.7 per cent and 9.5 per cent against their corresponding October 2009 levels of 4 per cent and 15.4 per cent).However, there has been a sharp growth decline in consumer non-durables (0.1 per cent versus 8.6 per cent).

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