India’s IIP contracts 1.6% in January

13 Mar 2021 Evaluate

With decline in output of capital goods, manufacturing and mining sectors, industrial production re-entered the negative territory in January. The Index of Industrial Production contracted by 1.6 per cent in January 2021 over last year, compared to a rise of 1.6 per cent in December. Meanwhile, the National Statistical Office (NSO), which releases the IIP data, has revised upwardly the IIP number for December 2020 from an earlier estimate of 1 per cent to 1.6 per cent. The factory out was in negative territory in November 2020. It had posted positive growth during September and October 2020. The IIP contracted by 12.2 during April-January as against an almost flat growth of 0.5 per cent seen in the same period last fiscal.

The data released by the National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation showed that for the month of January 2021, the Quick Estimates of IIP with base 2011-12 stood at 135.2. The output of the manufacturing sector -- which constitutes 77.6 per cent of the Index of Industrial Production (IIP) -- shrank by 2 per cent in January, as against a growth of 1.8 per cent during the same month last fiscal. The worst performance was witnessed by the capital goods sector, which recorded a contraction of 9.6 per cent during the month under review, compared to a 4.4 per cent decline a year ago. A contraction of 3.7 per cent was registered in the mining sector in January, against a positive growth of 4.4 per cent in the year-ago period. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2021 stand at 119.7, 135.1 and 164.2 respectively.

Primary goods output grew by 0.2 per cent in January 2021 compared to a contraction of 0.1 per cent in December 2020. Growth in capital goods output contracted by 9.6 per cent after a growth of 1.5 per cent in the previous month. Intermediate goods output growth rose 0.5 per cent compared to a 2.2 per cent increase last month. Infrastructure and construction goods output grew by 0.3 per cent compared to a growth of 2.7 per cent in December. Consumer durables output contracted by 0.2 per cent compared to a growth of 5.7 per cent in December. Consumer non-durables output fell 6.8 per cent in January compared to a growth of 0.5 per cent last month. Consumer durables and Consumer non-durables were in contraction during January 2020 also.

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