India's November industrial output (IIP) falls, may prompt RBI rate cut: govt

Jan 11 2013, 13:03 IST
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India's Nov industrial output contracts 0.1 pct year on year: govt. (Reuters) India's Nov industrial output contracts 0.1 pct year on year: govt. (Reuters)
SummaryDashing hopes of a rebound, the industrial output contracted to a four-month low.

in output of consumer durables is 1.9 per cent in November, as compared to double digit growth of 10.4 per cent in the same month in 2011. The growth in the output of these goods remained flat at 5.2 per cent in April-November this fiscal.

The consumer non-durables output growth was 0.3 per cent in November, as against a 15 per cent in the year-ago period.

This segment grew by 2.5 per cent in the eight month period of this fiscal, as against 4.9 per cent in the same period of 2011-12.

The basic goods production growth was 1.7 per cent in November, compared to 6.5 per cent the year-ago period.

During the April-November period, this segment recorded a growth of 2.8 per cent, compared to 6.3 per cent in the first eight months of last fiscal.

The intermediate goods output declined by 1.1 per cent in November as compared to a growth of 1.3 per cent in the same month in 2011. During the April-November period this fiscal, growth in the output of these goods was 1.8 per cent compared to a contraction of 0.6 per cent in the eight month period a year ago.

In terms of industries, 13 out of 22 groups in the manufacturing sector have shown negative growth in November, 2012 as compared to the same month in 2011.

The industry group 'Publishing, printing and reproduction of recorded media' has shown the highest contraction of 22.1 per cent, followed by 21.8 per cent in `Office, accounting and computing machinery' and 18.9 per cent in `Wood and products of wood & cork except furniture.

On the other hand, the industry group 'Electrical machinery and apparatus' has shown a positive growth of 25.1 per cent, followed by 15.7 per cent in 'Luggage, handbags, saddlery, harness and footwear; tanning and dressing of leather products' and 15.3 per cent in 'Radio, TV and communication equipment and apparatus'.

India's industrial output contracts

(Reuters) India's industrial output (Index of Industrial Production – IIP) shrank in November after a spurt the previous month, denting hopes of a recovery in economic growth and strengthening the case for an interest rate cut later this month.

The index of industrial production fell 0.1 percent annually in November, data released by the Central Statistics Office showed on Friday, compared with revised growth of 8.3 percent a month ago.

The outturn was even worse than the 0.7 percent growth a Reuters' poll of analysts had predicted

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