Industrial output growth slows down to 1.7% in May

13 Jul 2017 Evaluate

Industrial output growth of India slowed down to 1.7% in the month of May 2017, as compared to 8% in the same month last year and 3.1% in April 2017, mainly due to poor performance of mining and manufacturing. Besides, capital goods and consumer durable goods too continued to drag IIP growth. The Index of Industrial Production (IIP) for the month of May 2017 stood at 124.3. The cumulative growth for the period April-May 2017 over the corresponding period of the previous year stood at 2.3%.

As per the data released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation, IIP with base 2011-12 for the month of May 2017, the indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2017 stood at 100.5, 125.1 and 158.7 respectively, with the corresponding growth rates of (-) 0.9%, 1.2% and 8.7% as compared to May 2016. The cumulative growth in these three sectors during April-May 2017 over the corresponding period of 2016 has been 1.1%, 1.8% and 7.1% respectively.

The output of the capital goods segment, considered as key indicator of investment, shrunk by 3.9% compared to a high growth of 13.9% recorded in May 2016. The consumer durables segment too witnessed a decline of 4.5% as against a growth of 14.7% in the month of May last year. As per Use-based classification, the growth rates in May 2017 over May 2016 are 3.4 percent in Primary goods, 0.7% in Intermediate goods and 0.1% in Infrastructure/ Construction Goods. The Consumer non-durables have recorded growth of 7.9%.

In terms of industries, 12 out of the 23 industry groups in the manufacturing sector showed positive growth during the month of May 2017 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of pharmaceuticals, medicinal chemical and botanical products’ has shown the highest positive growth of 24.5% followed by 24.4% in ‘Other manufacturing’ and 11.8% in ‘Manufacture of other transport equipment’. On the other hand, the industry group ‘Manufacture of beverages’ has shown the highest negative growth of (-) 16.5% followed by (-) 15.1% in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and (-) 15.0% in ‘Manufacture of electrical equipment’.

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