Industrial production surges 13.6% in June due to low-base effect

13 Aug 2021 Evaluate

Industrial production surged by 13.6 per cent in June mainly due to a low-base effect and good performance by manufacturing, mining and power sectors but the output remained below the pre-pandemic level. In June 2021, the IIP stood at 122.6 points compared to 107.9 point in the same month last year. The index was at 129.3 points in June 2019. The IIP had contracted by 16.6 per cent in June 2020. Industrial production had plunged 18.7 per cent in March last year following the COVID-19 outbreak and remained in the negative zone till August 2020. With the resumption of economic activities, factory output rose 1 per cent in September.

The data released by the National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation showed that for the month of June 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 122.6. The manufacturing sector, which constitutes 77.63 per cent of the IIP, grew by 13 per cent in June this year. The manufacturing sector had recorded a contraction of 17 per cent in June 2020. The mining sector output rose by 23.1 per cent in June, while power generation increased by 8.3 per cent. Mining sector output fell 19.5 per cent in the same month last year. The electricity generation had declined 10 per cent in June 2020. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2021 stood at 105.5, 121.0 and 169.1 respectively.

The output of capital goods, which is a barometer of investment, grew 25.7 per cent in June 2021 as against a contraction of 37.4 per cent in the year-ago period. Consumer durables manufacturing increased 30.1 per cent in the month under review compared to a 34.8 per cent decline in June 2020. Consumer non-durable goods production fell by 4.5 per cent in June this year whereas it had grown by 6.9 cent in the year-ago period. As per Use-based classification, the indices stood at 122.4 for Primary Goods, 80.2 for Capital Goods, 132.6 for Intermediate Goods and 136.8 for Infrastructure/ Construction Goods for the month of June 2021. Further, the indices for Consumer durables and Consumer non-durables stood at 101.7 and 140.8 respectively for the month of June 2021.

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