Industrial production surges 11.5% in July

11 Sep 2021 Evaluate

Industrial production surged 11.5 per cent in July mainly due to a low-base effect and good performance by manufacturing, mining and power sectors. The IIP had contracted by 10.5 per cent in July 2020. The data showed that industrial production recovered but was still slightly below the pre-pandemic level of July 2019. Industrial production plunged 18.7 per cent in March last year following the COVID outbreak and remained in the negative zone till August 2020.b

The data released by the National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation showed that for the month of July 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 131.4 compared to 117.9 points in the same month last year. The index was at 131.8 points in July 2019.

The manufacturing sector, which constitutes 77.63 per cent of the IIP, grew 10.5 per cent in July. The manufacturing sector had recorded a contraction of 11.4 per cent in July 2020. The mining sector output rose 19.5 per cent in July, while power generation increased 11.1 per cent. Mining sector output fell 12.7 per cent in the same month last year. The electricity generation had declined 2.5 per cent in July 2020. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2021 stand at 104.6, 130.9 and 184.7 respectively.

The output of capital goods, which is a barometer of investment, grew 29.5 per cent in July 2021. It had witnessed a contraction of 22.8 per cent in the year-ago period. Consumer durables manufacturing rose 20.2 cent in the month under review whereas it was decline of 23.7 cent in July 2020. Consumer non-durable goods production fell 1.8 per cent in July whereas it had grown 1.8 cent in the year-ago period.

As per Use-based classification, the indices stand at 128.5 for Primary Goods, 91.8 for Capital Goods, 143.1 for Intermediate Goods and 143.5 for Infrastructure/ Construction Goods for the month of July 2021. Further, the indices for Consumer durables and Consumer non-durables stand at 119.5 and 146.6 respectively for the month of July 2021.

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