India’s industrial output rises 4.5% in February

09 Apr 2020 Evaluate

India's industrial output, measured in Index of Industrial Production (IIP), grew 4.5% in February 2020, mainly on account of higher output in mining, manufacturing and electricity sector. The output for February is the highest number since July 2019 - when it stood at 4.3%. IIP had grown by 0.2% in February 2019 and 2% in the preceding month (January 2020). 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 February 2020 stood at 133.3, which is 4.5% higher as compared to the level in the month of February 2019. The cumulative growth for the period April-February 2019-20 over the corresponding period of the previous year stood at 0.9%.

On the sectoral front, manufacturing sector output rose by 3.2% compared to contraction of 0.3% in the same month a year ago. Electricity generation grew at 8.1% as against a growth of 1.3% in February 2019. Mining sector output grew by 10% compared to a growth of 2.2% earlier. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2020 stand at 123.7, 133.5 and 149.1 respectively. The cumulative growth in these three sectors during April-February 2019-20 over the corresponding period of 2018-19 has been 1.9%, 0.6% and 1.5%, respectively.

Besides, production of capital goods, a measure of investment, remained in negative with contraction of 9.7% in February over contraction of 9.3% in the corresponding month of last year. As per Use-based classification, the growth rates in February 2020 over February 2019 are 7.4% in Primary goods, 22.4% in Intermediate goods and 0.1% in Infrastructure/ Construction Goods. The Consumer durables has recorded growth of (-) 6.4%, while Consumer non-durables growth remained flat.

In terms of industries, 13 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of February 2020 as compared to the corresponding month of the previous year. The industry group ‘Manufacture of basic metals’ has shown the highest positive growth of 18.2% followed by 8.0% in ‘Manufacture of chemicals and chemical products’ and in ‘Manufacture of other non-metallic mineral products’. On the other hand, the industry group ‘Manufacture of motor vehicles, trailers and semi-trailers’ has shown the highest negative growth of (-) 15.6% followed by (-) 14.8% in ‘Manufacture of computer, electronic and optical products’ and (-) 9.9% in ‘Manufacture of fabricated metal products, except machinery and equipment’.

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