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IIP Industrial production grows at subdued 0.7% in Sept

Yatheendradas C.k. at 09:59 PM - Nov 11, 2016 ( ) Views: 216

IIP Industrial production grows at subdued 0.7% in September

The factory output for the April-September period of the current financial year declined by 0.1 per cent compared to 4 per cent growth in the year-ago period, as per the data released by Central Statistics Office today.

By: PTI | New Delhi | Updated: November 11, 2016 8:11 PM  The Financial Expres

Industrial production grew a meagre 0.7 per cent in September mainly due to poor show by manufacturing and mining sectors coupled with decline capital goods output. The factory output for the April-September period of the current financial year declined by 0.1 per cent compared to 4 per cent growth in the year-ago period, as per the data released by Central Statistics Office today. Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 3.7 per cent in September last year. The manufacturing sector, which constitutes over 75 per cent of the IIP index, recorded a low growth of 0.9 per cent in September compared to 2.7 per cent growth a year ago. In terms of industries, 12 out of 22 groups in the manufacturing sector showed positive growth in September. The capital goods output registered a steep decline of 21.6 per cent in the month against a growth rate of 10.1 per cent in last year.

The mining sector recorded a contraction of 3.1 per cent in September as against a growth of 3.5 per cent a year ago. Power generation recorded a growth of 2.4 per cent in September compared to 11.4 per cent growth in the same month a year ago.

Growth in output of consumer durables went up to 14 per cent in September compared to 8.5 per cent growth a year ago. The consumer non-durable goods output grew 0.1 per cent in September as against 3.6 per cent contraction a year ago.

Overall, consumer goods production recorded a growth 6 per cent in September compared to 1.2 per cent growth a year ago. As per use-based classification, the growth rates in September 2016 over September 2015 are 4 per cent in basic goods and 2.2 percent in Intermediate goods.

For the April-September period, manufacturing sector’s output showed contraction by 0.8 per cent, as against a growth of 4.2 per cent a year ago.

Production of capital goods, which are considered as barometer for investment, declined by 21.4 per cent in the six-month period compared to a growth of 7.8 per cent in year ago period.


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