Industrial output growth of India stands at 4.3% in July

13 Sep 2019 Evaluate

Snapping two-month declining trend, India’s industrial production measured by Index of Industrial Production (IIP), which gauges production in the industrial sector for a given period of time, stood at 4.3% in July 2019. The growth was 2% in June and 3.1% in May this year. Though, it was lower than 6.5% recorded in July 2018, mainly due to poor show by manufacturing sector. 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 July 2019 stood at 131.1, which was 4.3% higher as compared to the level in the month of July 2018. The cumulative growth for the period April-July 2019 over the corresponding period of the previous year stands at 3.3% as against 5.4% in the same period last year.

On the sectroal front, the manufacturing sector, which accounts for more than three-fourths of the entire index, grew 4.2% in July, lower than the 7% growth a year ago. Mining grew 4.9% in July against a 3.4% in the year-ago respectively. Electricity rose 4.8%, falling from a 6.6% growth from the last year. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2019 stood at 100.2, 132.9 and 169.7 respectively. The cumulative growth in these three sectors during April-July 2019 over the corresponding period of 2018 has been 3.4%, 2.8% and 6.6%, respectively.

Capital goods segment, which is a barometer of investment, saw a contraction of 7.1% in July compared to 2.3% rise a year ago. As per Use-based classification, the growth rates in July 2019 over July 2018 were 3.5% in Primary goods, 13.9% in Intermediate goods and 2.1% in Infrastructure/ Construction Goods. The Consumer durables and Consumer non-durables have recorded growth of (-) 2.7% and 8.3%, respectively.

In terms of industries, 13 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of July 2019 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of food products’ has shown the highest positive growth of 23.4% followed by 17.3% in ‘Manufacture of basic metals’ and 15.0% in ‘Manufacture of wearing apparel’. On the other hand, the industry group ‘Manufacture of paper and paper products’ has shown the highest negative growth of (-) 15.4% followed by (-) 13.3% in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and (-) 10.9% in ‘Printing and reproduction of recorded media’.

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