Index of industrial production bounce back in November

12 Jan 2012 Evaluate

In a major surprise to the Indian economy the Index of Industrial Production (IIP) has bounced back in the month of November and beating the general expectation of 2-3% stood at 5.9% after showing a sharp plunge in the previous month of (-) 5.1%. The development that soothed the sentiment most is the bounce back in manufacturing sector that grew at 6.6% in November, 2011 against de-growth of 6% in the corresponding month in 2010. Consumer durables and consumer non-durables too showed remarkable improvement, while the Capital Goods and Mining index remained the laggards. Mining output shrank 4.4% and capital goods output shrank 4.6% from a year earlier. Meanwhile, the October output figure had been revised to minus 4.1%.

As per the quick estimates of Central Statistics Office of the Ministry of Statistics and Programme Implementation, the General Index of Industrial Production (IIP) for the month of November 2011 stands at 167.4, which is 5.9% higher as compared to the level in the month of November 2010. The cumulative growth for the period April-November 2011-12 stands at 3.8% over the corresponding period of the previous year.

The indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2011 stand at 127.6, 177.8 and 145.6 respectively, with the corresponding growth rates of (-) 4.4%, 6.6% and 14.6% as compared to November 2010. In terms of industries, 17 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month of November 2011 as compared to the corresponding month of the previous year.

As per Use-based classification, the growth rates in November 2011 over November 2010 are 6.3% in Basic goods, (-) 4.6% in Capital goods and 0.2% in Intermediate goods. The Consumer durables and Consumer non-durables have recorded growth of 11.2% and 14.8% respectively, with the overall growth in Consumer goods being 13.1%.

Apart from Capital goods and Mining, the other important items showing negative growth during the month are: ‘Cement Machinery’ (-)72.1%, ‘Cable, Rubber Insulated’ (-)65.5%, ‘Colour TV Picture Tubes’ (- ) 64.0% ,‘UPS/Inverter/Converter’ (-)61.4%, ‘Particle Boards’ (-)30.3% and ‘Cotton Yarn’ (-)18.7%.

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