Reviving hopes of economic recovery, industrial production grew at a 5-month high of 3.8 per cent in November...
Reviving hopes of economic recovery, industrial production grew at a 5-month high of 3.8 per cent in November due to improvement in manufacturing and mining sectors as well as better offtake of capital goods.
The factory output, as measured by the Index of Industrial Production (IIP), had declined by 1.3 per cent in the same month of 2013.
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The revised figure for October last year remained unchanged, a contraction of 4.2 per cent, according to the data released by Central Statistics Office today.
For the April-November period of the 2014-15 fiscal, IIP is up 2.2 per cent, as against 0.1 per cent in same period of last fiscal.
Manufacturing output, which constitutes over 75 per cent to the index, grew by 3 per cent in November, compared to a dip of 2.6 per cent in the same month a year ago.
For April to November, the sector saw an output growth of 1.1 per cent, compared to a contraction 0.4 per cent in the year-ago period.
Output of the mining sector grew by 3.4 per cent in November, compared to a growth of 1.6 per cent. During the April-November period, the production has grown by 2.5 per cent, compared to a contraction of 2.1 per cent during the first eight months of last fiscal.
The production of capital goods, a barometer of demand, grew by 6.5 per cent in November, as against a growth of 0.1 per cent in same month of last year.
During the April-November period, capital goods output grew by 4.9 per cent as against a dip in production by 0.1 per cent.
Overall, 16 of the 22 industry groups in manufacturing showed positive growth in November.
According to the IIP data, power generation grew by 10 per cent in November compared to a growth of 6.3 per cent in the same month last year.
For the April-November period, electricity production is up 10.7 per cent, compared to a growth of 5.4 per cent in the same period of last fiscal.
The consumer goods output declined by 2.2 per cent in November as against a dip in output at 8.9 per cent logged a year ago.
For April-November, the segment showed a contraction of 5.7 per cent, compared to a decline of 2.6 per cent in the same period of 2013-14.
The consumer durables production too declined by 14.5 per cent in November, as against a dip of 21.7 per cent a year ago.
For April-November, it showed a decline of 15.9 per cent as against a dip of 12.6 per cent in the same period of last fiscal.
However the consumer non-durable goods output grew by 6 per cent in November, compared to 2.2 per cent growth in same month last year. During April-November, the segment grew by 1.9 per cent compared to 6.2 per cent growth in same period last fiscal.
The intermediate goods’ output grew by 4.3 per cent in November, compared to 3.7 per cent growth in the same month last year.
The basic goods production grew by 7 per cent in the month under review compared to a growth of 2.7 per cent in same month last fiscal. From April to November, it logged a growth rate of 7.5 per cent as against 1.2 per cent in the year-ago period.
Quick Estimates of Index of Industrial Production and Use-Based Index for the Month of November, 2014 (Base 2004-05=100)
The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of November 2014 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board.
2. The General Index for the month of November 2014 stands at 169.8, which is 3.8% higher as compared to the level in the month of November 2013. The cumulative growth for the period April-November 2014-15 over the corresponding period of the previous year stands at 2.2%.
3. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2014 stand at 127.9, 177.0 and 174.3 respectively, with the corresponding growth rates of 3.4%, 3.0% and 10.0% as compared to November 2013 (Statement I). The cumulative growth in the three sectors during April-November 2014-15 over the corresponding period of 2013-14 has been 2.5%, 1.1% and 10.7% respectively.
4. In terms of industries, sixteen (16) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sec tor have shown positive growth during the month of November 2014 as compared to the corresponding month of the previous year (St atement II). The industry group ‘Wearing apparel; dressing and dyeing of fur’ has shown the highest positive growth of 19.8%, followed by 17.5% in ‘Motor vehicles, trailers & semi-trailers’ and 12.8% in ‘Fabricated metal products, except machinery & equipment’. On the other hand, the industry group ‘Radio, TV and communication equipment & apparatus’ has shown the highest negative growth of (-) 60.0%, followed by (-) 26.3% in ‘Office, accounting & computing machinery’ and (-) 17.4% in ‘Tobacco products’.
5. As per Use-based classification, the growth rates in November 2014 over November 2013 are 7.0% in Basic goods, 6.5% in Capital goods and 4.3% in Intermediate goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of (-) 14.5% and 6.0% respectively, with the overall growth in Consumer goods being (-) 2.2%.
6. Some of the important items showing high positive growth during the current month over the same month in previous year include ‘H R Sheets’ (240.8%), ‘Conductor, Aluminium’ (115.0%), ‘Air Conditioner (Room)’ (53.8%), ‘Sugar’ (49.5%), ‘Three-Wheelers (Including passenger & goods carrier)’ (42.5%), ‘Leather Garments’ (40.3%), ‘Ayurvedic Medicaments’ (35.3%), ‘Stampings & Forgings’ (34.1%), ‘Scooter and Mopeds’ (30.7%), ‘Stainless/ alloy steel’ (26.5%), ‘Cotton cloth’ (23.8%), ‘Rice’ (23.0%) and ‘Commercial Vehicles’ (20.0%).
7. Some of the other important items showing high negative growth are: ‘Telephone Instruments (incl. Mobile Phones & Accessories)’ [(-) 67.3%], ‘Ship Building & Repairs’ [(-) 41.1%], ‘Wood Furniture’ [(-) 41.1%], ‘Sugar Machinery’ [(-) 40.9%], ‘Cement Machinery’ [(-) 38.9%], ‘Glass Sheet’ [(-) 30.1%], ‘Generator/ Alternator’ [(-) 28.6%], ‘Lubricating oil’ [(-) 27.1%], ‘Cigarettes [(-) 23.3%] and ‘Antibiotics & Its Preparations’ [(-) 20.7%].
8. Along with the Quick Estimates of IIP for the month of November 2014, the indices for October 2014 have undergone the first revision and those for August 2014 have undergone the final revision in the light of the updated data received from the source agencies. It may be noted that these revised indices (first revision) in respect of October 2014 shall undergo final (second) revision along with the release of IIP for the month of January 2015.
9. Statements giving Quick Estimates of the Index of Industrial Production at Sectoral, 2-digit level of National Industrial Classification (NIC-2004) and by Use-based classification for the month of November 2014, along with the growth rates over the corresponding month of previous year, including the cumulative indices and growth rates, are enclosed.