India’s industrial output accelerates to 7% in June

13 Aug 2018 Evaluate

After declining to a seven-month low in May, India’s industrial production measured by Index of Industrial Production (IIP) picked up space and accelerated to 7% in the month of June 2018, on the back of strong growth in manufacturing and capital goods sector. This was the highest level achieved by the index in the last five months. The IIP had shown a marginal decline of 0.3% in June 2017. Besides, factory output growth was revised upwards for May at 3.9% from the previous estimate of 3.2%.

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 June 2018, stood at 127.7, which was 7.0% higher as compared to the level in the month of June 2017. The cumulative growth for the period April-June 2018 over the corresponding period of the previous year stands at 5.2%.

On the sectoral basis, the manufacturing sector, which constitutes 77.63% of the index, grew by 6.9% in June, as against a decline of 0.7% in the year-ago month. Power generation segment saw a rise of 8.5% during the month as compared to 2.1% growth a year ago. The mining sector output recorded a notable growth of 6.6% in June as against 0.1% in June 2017. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2018 stand at 105.0, 128.6 and 159.9 respectively. The cumulative growth in these three sectors during April-June 2018 over the corresponding period of 2017 has been 5.4%, 5.2% and 4.9% respectively.

Consumer goods grew at a 21-month high of 13.1% in June, as compared to a decline of 3.5% in the year-ago month, while capital goods recorded a positive growth rate at 9.6% during the month as compared to a decline of 6.1% in the same month last year. However, consumer non-durables continued their dismal performance, growing at 0.5% in June, reflecting poor rural demand conditions. As per Use-based classification, the growth rates in June 2018 over June 2017 were 9.3% in Primary goods, 2.4% in Intermediate goods and 8.5% in Infrastructure/ Construction Goods.

In terms of industries, 19 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of June 2018 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of computer, electronic and optical products’ has shown the highest positive growth of 44.1% followed by 20.5% in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and 15.6% in ‘Manufacture of other transport equipment’. On the other hand, the industry group ‘Other manufacturing’ has shown the highest negative growth of (-) 40.2% followed by (-) 31.7% in ‘Manufacture of tobacco products’ and (-) 0.8% in ‘Manufacture of textiles’.

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