India’s industrial growth shrinks by 3.8% in October

13 Dec 2019 Evaluate

With poor performance by power, mining and manufacturing sectors, India's factory output growth, measured by the Index of Industrial Production (IIP), shrunk by 3.8% in October 2019 as competed to expansion of 8.4% in October 2018. This is a third consecutive month, when industrial growth contracted. Earlier, the factory output had declined by 4.3% in September and 1.4% in August this year, while it grew at 4.9% in July. As per the data released by the National Statistics Office of the Ministry of Statistics and Programme Implementation, IIP with base 2011-12 for the month of October stood at 127.7, which was 3.8% lower as compared to the level in the month of October 2018. The cumulative growth for the period April-October 2019 over the corresponding period of the previous year stood at 0.5%.

On the sectroal front, a slowdown was witnessed in the manufacturing sector, which declined by 2.1% in October as compared to 8.2% growth a year ago. Power generation dipped sharply by 12.2% in October, compared to 10.8% growth in the year-ago period. Mining output too fell 8% in the month under review as against 7.3% growth in the corresponding period last fiscal. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2019 stand at 99.5, 131.1 and 145.8 respectively. The cumulative growth in these three sectors during April-October 2019 over the corresponding period of 2018 has been (-) 0.4%, 0.5% and 1.6% respectively.

Capital goods production, which is a barometer of investment, declined by 21.9% in October compared to 16.9% rise in the year-ago month. As per use-based classification, the growth rates in October 2019 over October 2018 are (-) 6% in Primary goods, 22.2% in Intermediate goods and (-) 9.2% in Infrastructure/ Construction Goods. The consumer durables and consumer non-durables have recorded growth of (-) 18% and (-) 1.1%, respectively.

In terms of industries, 18 out of the 23 industry groups in the manufacturing sector have shown negative growth during the month of October 2019 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of computer, electronic and optical products’ has shown the highest negative growth of (-) 31.3% followed by (-) 27.9% in ‘Manufacture of motor vehicles, trailers and semi-trailers’. On the other hand, the industry group ‘Manufacture of chemicals and chemical products’ has shown the highest positive growth of 31.8% followed by 9.4% in ‘Manufacture of basic metals’.

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