Factory output grows at slowest pace in four months at 4.5% in September

13 Nov 2018 Evaluate

With poor performance of mining sector and lower offtake of capital goods, India’s industrial production measured by Index of Industrial Production (IIP) grew at the slowest pace in four months at 4.5% in September 2018. The previous low was recorded at 3.8% in May this year. The industrial production was 4.1% in September 2017 and the factory output growth for August was revised slightly upward to 4.6% from provisional figure of 4.3%. 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 September 2018 stood at 128.6, which is 4.5% higher as compared to the level in the month of September 2017. The cumulative growth for the period April-September 2018 over the corresponding period of the previous year stood at 5.1%.

On the sectoral basis, the mining sector output growth decelerated to 0.2% in September as against 7.6% in the year-ago month. However, the data showed that the manufacturing sector recorded a growth of 4.6% in September, up from 3.8% a year ago. The electricity generation too improved to 8.2% in the month from 3.4% in September 2017. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of September 2018 stand at 94.6, 131.4 and 162.9 respectively. The cumulative growth in these three sectors during April-September 2018 over the corresponding period of 2017 has been 3.3%, 5.3% and 6.2% respectively.

Besides, capital goods output growth slowed to 5.8% in the month from 8.7% a year ago. As per Use-based classification, the growth rates in September 2018 over September 2017 are 2.6% in primary goods, 1.4% in intermediate goods and 9.5% in infrastructure/construction goods. The consumer durables and consumer non-durables have recorded growth of 5.2% and 6.1%, respectively.

In terms of industries, 17 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of September 2018 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of furniture’ has shown the highest positive growth of 32.8% followed by 20.9% in ‘Manufacture of wearing apparel’ and 20.6% in ‘Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials’. On the other hand, the industry group ‘Printing and reproduction of recorded media’ have shown the highest negative growth of (-) 12.9% followed by (-) 10.7% in ‘Other manufacturing’ and (-) 7.3% in ‘Manufacture of tobacco products’.

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