India’s industrial output expands to 7.1% in December

14 Feb 2018 Evaluate

Sustaining its recovery for the second straight month, India’s industrial output registered a growth of 7.1% in the month of December 2017, as compared to 2.4% in December 2016, led by robust performance by manufacturing as well as higher offtake of capital goods and non-durable consumer goods. Though, the pace of growth has slowed down as compared to a revised 8.8% growth in the previous month. The Index of Industrial Production (IIP) growth for November, 2017, has been revised upwards to 8.8% from provisional estimates of 8.4% released last month.

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 December 2017, stood at 130.3, which is 7.1% higher as compared to the level in the month of December 2016. The cumulative growth for the period April-December 2017 over the corresponding period of the previous year stood at 3.7%.

On the sectoral basis, the manufacturing sector, which constitutes 77.63% of the index, clocked the sharpest growth at 8.4% during the month as compared to 0.6% in December 2016. However, the mining and electricity sector growth slowed down to 1.2% and 4.4% respectively, in December 2017, as against 10.8% and 6.4% respectively, in the same month last year. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2017 stood at 115.5, 131.6 and 143.9 respectively. The cumulative growth in these three sectors during April-December 2017 over the corresponding period of 2016 has been 2.8%, 3.8% and 5.1% respectively.

The capital goods, a barometer of investments, showed a sharp increase in output by 16.4% in December 2017 as against a decline of 6.2% a year ago. Similarly, consumer durables grew 0.9% in December 2017 compared to a decline of 5% in December 2016. Consumer non-durables also grew 16.5% in December 2017, against a contraction of 0.2% in the year-ago period. As per Use-based classification, the growth rates in December 2017 over December 2016 are 3.7% in Primary goods, 6.2% in Intermediate goods and 6.7% in Infrastructure/Construction Goods.

In terms of industries, 16 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of December 2017 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of other transport equipment’ has shown the highest positive growth of 38.3% followed by 33.6% in ‘Manufacture of pharmaceuticals, medicinal chemical and botanical products’ and 29.8% in ‘Manufacture of computer, electronic and optical products’. On the other hand, the industry group ‘Manufacture of tobacco products’ has shown the highest negative growth of (-) 28.2% followed by (-) 22.3% in ‘Other manufacturing’ and (-) 14.9% in ‘Manufacture of electrical equipment’.

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