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  3. IIP likely to grow in range of 8-9% in February-March 2018: SBI Report

IIP likely to grow in range of 8-9% in February-March 2018: SBI Report

02 Apr 2018 Evaluate

State Bank of India’s (SBI) research report Ecowrap has stated that the Index of Industrial Production (IIP) may grow in the range of 8-9% in February and March 2018, with a healthy growth in SBI Composite Index, an indicator for tracking India's manufacturing activity. As per the report, the yearly SBI Composite Index for March 2018 stands at 54.2 (moderate growth), against 55.0 (moderate growth), in February 2018. It also noted that the month-on-month index has increased to 53.4 (moderate growth) in March 2018 compared to last month's index of 50.1 (low growth).

As per the report, the infrastructure sector is a focus area of the government and a large number of projects have been announced in sectors such as road, railways, chemicals, electricity, non-conventional energy and others. It highlighted that in the road and railways sectors, projects worth Rs 12,991 billion were announced in the last three years and Rs 1,695 billion of projects were announced in the first half of fiscal year 2018. It also indicated that the government’s share in terms of project announcement has increased significantly to 71% in FY17 as compared to 46% in FY13. It added that in FY17, the share of private sector has plunged to 28% as against 50% in FY13. However, it pointed out that foreign private sector exhibited an increase share and said that foreign private sector has shown confidence in Indian economy’s growth story.

Besides, 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, backed by a higher manufacturing and electricity production. The 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, increased to 7.6% in January, as compared to 5.1% a year ago and 4.4% in December.

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