India’s factory output grows at 2.4% in December

13 Feb 2019 Evaluate

After hitting a 17-month low in November, India’s industrial growth measured by Index of Industrial Production (IIP) inched up to 2.4% in the month of December 2018, but it remained subdued as compared to growth of 7.3% in December 2017 on account of contraction in the mining segment and poor show by the manufacturing sector. Besides, the industrial growth for November was revised downwards to 0.3% from the provisional estimate of 0.5% released last month. 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 December 2018 stood at 133.7, which was 2.4% higher as compared to the level in the month of December 2017. The cumulative growth for the period April-December 2018 over the corresponding period of the previous year stood at 4.6%.

On the sectoral front, the manufacturing sector, which constitutes 77.63% of the index, recorded a low growth of 2.7% in December as against 8.7% expansion in the year-ago month. Mining sector production contracted 1% in December as against 1.2% growth in December 2017. The growth of the power sector output remained flat at 4.4% in December 2018. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2018 stood at 114.4, 135.5 and 150.3 respectively. The cumulative growth in these three sectors during April-December 2018 over the corresponding period of 2017 has been 3.1%, 4.7% and 6.4%, respectively.

Besides, capital goods output grew at 5.9%, compared to 13.2% growth a year ago. Consumer durables output grew by 2.9% as against a growth of 2.1% in December 2017. Consumer non-durable goods growth was low at 5.3% in December 2018 as compared to 16.8% growth in the year-ago month. As per Use-based classification, the growth rates in December 2018 over December 2017 were (-) 1.2% in Primary goods, (-) 1.5% in Intermediate goods and 10.1% in Infrastructure/ Construction Goods.

In terms of industries, 13 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of December 2018 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of tobacco products’ has shown the highest positive growth of 27.9% followed by 17.9% in ‘Manufacture of other transport equipment’ and 16.5% in ‘Manufacture of wearing apparel’. On the other hand, the industry group ‘Manufacture of furniture’ has shown the highest negative growth of (-) 18.7% followed by (-) 16.4% in ‘Other manufacturing’ and (-) 5.4% in ‘Manufacture of coke and refined petroleum products’.

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