India’s industrial output expands to 7.1% in February

13 Apr 2018 Evaluate

India’s industrial production measured by Index of Industrial Production (IIP) grew at a faster rate of 7.1% in the month of February 2018 as against a growth rate of 1.2% in the same month of 2017. The factory output maintained its high growth for the fourth month in a row, mainly on the back of robust performance of the manufacturing sector coupled with higher offtake of capital goods and consumer durables. Though, the pace of growth has slowed down as compared to 7.4% in January 2018, due to contraction in mining 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 February 2018, stood at 127.7, which is 7.1% higher as compared to the level in the month of February 2017. The cumulative growth for the period April-February 2017-18 over the corresponding period of the previous year stood at 4.3%.

On the sectoral basis, the manufacturing sector, which constitutes over 77% of the index, grew at 8.7% in February as compared to the almost flat growth of 0.7% in the same month a year ago. Electricity generation also grew by 4.5% compared to 1.2% a year ago. However, mining output contracted by 0.3% against a growth of 4.6% in the same month previous year. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2018 stand at 110.2, 130.1 and 136.1, respectively. The cumulative growth in these three sectors during April-February 2017-18 over the corresponding period of 2016-17 has been 2.3%, 4.6% and 5.2%, respectively.

Capital goods output, a proxy to measure private sector investment activity, surged by 20% in the month under review as compared to a contraction of 2.4% in the same month a year ago. Consumer durables output increased at 7.9% in February 2018 as compared to de-growth of 4.6% in February 2017, while consumer non-durables grew 7.4% in February from 10.4% growth in a year ago period. As per Use-based classification, the growth rates in February 2018 over February 2017 are 3.7% in primary goods, 3.3% in intermediate goods and 12.6% in infrastructure/construction goods.

In terms of industries, 15 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of February 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 32.0% followed by 26.9% in ‘Manufacture of machinery and equipment n.e.c.’ and 19.9% in ‘Manufacture of motor vehicles, trailers and semi-trailers’. On the other hand, the industry group ‘Other manufacturing’ has shown the highest negative growth of (-) 27.3% followed by (-) 9.4% in ‘Printing and reproduction of recorded media’ and (-) 8.2% in ‘Manufacture of rubber and plastics products’.

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