Industrial output of India rises 2% in January with uptick in factory production

13 Mar 2020 Evaluate

With uptick in factory production, India's industrial output, measured in Index of Industrial Production (IIP), expanded 2% in January 2020, the fastest in six months. Besides, the IIP for December was revised to 0.07% growth, from a contraction of 0.3% in the provisional estimate. 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 January 2020 stood at 137.1, which is 2.0% higher as compared to the level in the month of January 2019. The cumulative growth for the period April-January 2019-20 over the corresponding period of the previous year stood at 0.5%.

On the sectoral front, the manufacturing sector output grew by 1.5% as compared with a rise of 1.3% in the corresponding month a year ago. Electricity generation rose 3.1% in January 2020, against 0.9% growth in January 2019. Mining sector saw a growth of 4.4% in production during January 2020, compared to a rise of 3.8% a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2020 stand at 124.3, 137.6 and 155.6 respectively. The cumulative growth in these three sectors during April-January 2019-20 over the corresponding period of 2018-19 has been 1.0%, 0.3% and 0.9%, respectively.

Besides, production of capital goods, a measure of investment, shrunk by 4.3% during January 2020, as opposed to a contraction of 3.6% in the corresponding month last year. As per Use-based classification, the growth rates in January 2020 over January 2019 are 1.8% in Primary goods, 15.8% in Intermediate goods and (-) 2.2% in Infrastructure/ Construction Goods. The Consumer durables and Consumer non-durables have recorded growth of (-) 4.0% and (-) 0.3%, respectively.

In terms of industries, 11 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of January 2020 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of tobacco products’ has shown the highest positive growth of 22.8% followed by 14.1% in ‘Manufacture of basic metals’ and 9.0% in ‘Manufacture of furniture’. On the other hand, the industry group ‘Printing and reproduction of recorded media’ has shown the highest negative growth of (-) 16.3% followed by (-) 11.6% in ‘Manufacture of computer, electronic and optical products’ and (-) 10.6% in ‘Manufacture of motor vehicles, trailers and semi-trailers’.

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