Index of Industrial production growth surges to 2.1% in June

16 Aug 2016 Evaluate

Index of Industrial production (IIP) growth surged to 2.1% in June as compared to 1.1% in May, but remained much below the 4.2% growth reported in June 2015. Industrial output growth was lower on account of poor show by the manufacturing sector and contraction in capital goods production. On cumulative basis, the factory output in the April-June quarter grew by 0.6% compared to 3.3% growth in the year-ago period.

According to the data released by the Ministry of Statistics and Programme Implementation, Central Statistics Office (CSO) IIP, with base 2004-05 for the month of June 2016, the Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month stood at 127.3, 191.3 and 198.9 respectively with the corresponding growth rates of 4.7%, 0.9% and 8.3% as compared to 121.6, 189.5, 183.7 respectively in June 2015. For April-June 2016, this sector’s output over the corresponding period of 2015 has been 2.3%, (-) 0.7% and 9.0% respectively.

The capital goods output registered a steep decline of 16.5% in June over a contraction of 2% in last year. In April-June, the production of these goods, which are considered as barometer for investment, declined by 18% compared to a growth of 2% in year ago period. Growth in output of consumer durables decelerated to 5.6% in June compared to 16.1% a year ago. The consumer non-durable goods also recorded low growth of 1% in June compared to 2.3% a year ago. Overall, consumer goods production recorded a growth 2.8% in June compared to 7.2% a year ago.

In terms of industries, 18 out of 22 industry groups in the manufacturing sector showed positive growth during the month of June. As per Use-based classification, the growth rates in June 2016 over June 2015 were 5.9% in Basic goods, (-) 16.5% in Capital goods and 6.1% in Intermediate goods. The industry group Radio, TV and communication equipment & apparatus showed the highest positive growth of 15.8% followed by 8.8% in Motor vehicles, trailers & semi-trailers and 8.7% in Other transport equipment.

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