India’s industrial output surges to 7.5% in January

13 Mar 2018 Evaluate

Sustaining growth momentum, India’s industrial output surged to 7.5% in the month of January 2018, as compared to 3.5% in the same month of the previous year and 7.1% in December 2017. The growth was supported by robust manufacturing sector output. 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 January 2018, stood at 132.3, which is 7.5% higher as compared to the level in the month of January 2017. The cumulative growth for the period April-January 2017-18 over the corresponding period of the previous year stood at 4.1%.

On the sectoral basis, manufacturing sector, which accounts for more than three-fourths of the entire index, soared 8.7% in January as compared to 2.5% in the same month of last year and 8.5% in December 2017. Electricity production showed an improvement, rising 7.6% in January, as compared to 5.1% a year ago and 4.4% in December. However, the mining sector recorded a sharp slowdown with 0.1% growth in January compared to 8.6% a year ago and 1.2% in December. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2018 stood at 114.5, 133.8 and 149.5 respectively. The cumulative growth in these three sectors during April-January 2017-18 over the corresponding period of 2016-17 has been 2.5%, 4.3% and 5.3% respectively.

Capital goods, an indicator of investment activity, showed a sharp increase in output by 14.6% in January 2018 as against a decline of 0.6% a year ago. Consumer non-durable goods, which are mainly fast moving consumer goods, also recorded an increase of 10.5% as against a growth of 9.6% last year. Consumer durable goods recorded a growth rate of 8% in January against a contraction of 2% a year ago, while infrastructure/construction goods output grew 6.8% from 2.6% last year. The output of primary goods and intermediate goods also rose at higher pace of 5.8% and 4.9% respectively in the month under review over a year ago.

In terms of industries, 16 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of January 2018 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 33.1% followed by 27.8% in ‘Manufacture of furniture’ and 26.6% in ‘Manufacture of motor vehicles, trailers and semi-trailers’. On the other hand, the industry group ‘Manufacture of tobacco products’ has shown the highest negative growth of (-) 46.5% followed by (-) 32.4% in ‘Othermanufacturing’ and (-) 13.2% in ‘Printing and reproduction of recorded media’.

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