India’s industrial growth accelerates to 9-month high of 4.3% in August

13 Oct 2017 Evaluate

In a positive surprise, India’s industrial production growth accelerated to a nine-month high of 4.3% in August as against 4% in the same month previous year and 1.2% in July 2017, as companies stepped up production to restock warehouses ahead of the festival season after they reduced output in June and July, owing to uncertainties regarding implementation of the goods and services tax (GST). Robust performance of mining and power sectors coupled with higher capital goods output also supported the growth. The previous high in IIP growth was recorded at 5.7% in November 2016.

As per the data released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation, Index of Industrial Production (IIP) with base 2011-12 for the month of August 2017, stood at 121.5, which is 4.3% higher as compared to the level in the month of August 2016. The cumulative growth for the period April-August 2017 over the corresponding period of the previous year stood at 2.2%.

On the sectoral basis however, the output growth in manufacturing sector, which constitutes 77.63% of the index, decelerated to 3.1% in August as compared to 5.5% in the same month last year, while the output of the mining and electricity sectors jumped to 9.4% and 8.3% from (-) 4.3% and 2.1%, respectively in August last year. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2017 stood at 92.7, 123.3 and 155.4 respectively. The cumulative growth in these three sectors during April-August 2017 over the corresponding period of 2016 has been 3.3%, 1.6% and 6.2% respectively.

As per Use-based classification, the growth rates in August 2017 over August 2016 are 7.1% in Primary goods, 5.4% in Capital goods, (-) 0.2% in Intermediate goods and 2.5% in Infrastructure/ Construction Goods. The Consumer durables and Consumer non-durables have recorded growth of 1.6% and 6.9% respectively.

In terms of industries, 10 out of the 23 industry groups in the manufacturing sector showed positive growth during the month of August 2017 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of computer, electronic and optical products’ showed the highest positive growth of 24.9% followed by 16.5% in ‘Manufacture of pharmaceuticals, medicinal chemical and botanical products’ and 11.1% in ‘Manufacture of other transport equipment’. On the other hand, the industry group ‘Manufacture of furniture’ showed the highest negative growth of (-) 16.0% followed by (-) 15.1% in ‘Manufacture of tobacco products’ and (-) 11.4% in ‘Printing and reproduction of recorded media’.

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