India's industrial output slows down to 3-month low of 2.2% in October

13 Dec 2017 Evaluate

Continuing its declining trend, India’s Industrial production growth hit a three-month low of 2.2% in the month of October 2017, as compared to 4.2% growth in October 2016, while on a monthly basis, the IIP grew 3.8% in September this year. The stunted nature of factory output is largely due to the slowdown in manufacture and subdued demand coupled with a contraction in output of consumer durables. In October, the manufacturing sector which accounts for 77.63% of the index grew at 2.5%, compared to 4.8% in the same month last year. Mining sector, accounting for 14.37% of the index, also came a cropper growing at a mere 0.2% as against 1.0% in October 2016. Electricity generation rose 3.2% in October as compared to 3% a year before.

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 October 2017 stood at 123.0, which is 2.2% higher as compared to the level in the month of October 2016. The cumulative growth for the period April-October 2017 over the corresponding period of the previous year stood at 2.5%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2017 stand at 101.2, 124.3 and 149.8 respectively. The cumulative growth in these three sectors during April-October 2017 over the corresponding period of 2016 has been 3.4%, 2.1% and 5.3% respectively.

Consumer durable goods output contracted by 6.9% in October as against a growth of 1.5% in the same month of the previous year. During the first seven months of this fiscal, the output of these goods declined by 1.9% as against a growth of 6% in the same period last fiscal. However, the consumer non-durables have recorded a growth of 7.7% in October as against 5.6% growth in the same month previous year. Besides, the growth rates in October 2017 over October 2016 are 2.5% in Primary goods, 6.8% in Capital goods, 0.2% in Intermediate goods and 5.2% in Infrastructure/ Construction Goods.

In terms of industries, 10 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of October 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 23.0% followed by 12.8% in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and 9.7% in ‘Manufacture of computer, electronic and optical products’. On the other hand, the industry group ‘Other manufacturing’ has shown the highest negative growth of (-) 36.4% followed by (-) 20.9% in ‘Manufacture of tobacco products’ and (-) 16.1% in ‘Manufacture of rubber and plastic products’.

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