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India's IIP grows 2.7% in August

Source : IBNS
Last Updated: Fri, Oct 12, 2012 14:11 hrs

New Delhi, Oct 12 (IBNS) India's Index of Industrial Production (IIP) grew 2.7% in August 2012 over the corresponding month of the previous year, according to government data released on Friday.

Union Minister of State (Independent Charge) for Statistics and Programme Implementation Srikant Kumar Jena announced the release of the monthly Quick Estimates of Index of Industrial Production (IIP) for the month of August 2012 compiled by the Central Statistics Office.

The index is a composite indicator that measures the short term changes in the volume of industrial production.



According to the index, the industrial growth for the month of August'12 over the corresponding month of the previous year is 2.7%.

The three sectors that constitute the index are Mining, Manufacturing and Electricity.

The monthly growth rates of these three sectors for the month are 2.0%, 2.9% and 1.9% respectively.

The Minister further added that as per "use-based" classification there has been negative growth in capital goods (-1.7%) whereas positive growths have been achieved in basic goods (2.8%), intermediate goods (1.9%), consumer durables (4.0%) and consumer non-durables (5.8%).

Details:

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of August 2012 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation.

IIP is compiled using data received form 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.

The General Index for the month of August 2012 stands at 165.7, which is 2.7% higher as compared to the level in the month of August 2011. The cumulative growth for the period April-August 2012-13 over the corresponding period of the previous year stands at 0.4%.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2012 stand at 117.3, 176.6 and 152.2 respectively, with the corresponding growth rates of 2.0%, 2.9% and 1.9% as compared to August 2011.

The cumulative growth in the three sectors during April-August 2012-13 over the corresponding period of 2011-12 has been (-) 0.6%, 0.0% and 4.8% respectively.

In terms of industries, thirteen (13) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown positive growth during the month of August 2012 as compared to the corresponding month of the previous year.

The industry group 'Publishing, printing & reproduction of recorded media' has shown the highest growth of 15.4%, followed by 14.5% in 'Radio, TV and communication equipment & apparatus' and 14.4% in 'Medical, precision & optical instruments, watches and clocks'.

On the other hand, the industry group 'Office, accounting and computing machinery' has shown a negative growth of 13.1% followed by 9.5% in 'Motor vehicles, trailers & semi-trailers' and 7.6% in 'Other transport equipment'.

As per Use-based classification, the growth rates in August 2012 over August 2011 are 2.8% in Basic goods, (-) 1.7% in Capital goods and 1.9% in Intermediate goods.

The Consumer durables and Consumer non-durables have recorded growth of 4.0% and 5.8% respectively, with the overall growth in Consumer goods being 5.0%.

Some of the important items showing high positive growth are: 'Telephone Instruments Including Mobile Phones & Accessories' (18.0%), 'Antibiotics & its Preparations' (43.0%), 'Carbon Steel' (51.5%), 'Conductor, Aluminium' (68.3%), 'Air Conditioner (Room)' (76.9%), 'Tea' (20.1%), 'Boilers' (21.9%), 'CR Sheets' (24.9%), 'Plastic Machinery Incl. Moulding Machinery' (36.5%), 'Mancozab' (282.1%) and 'Aerated Waters & Soft Drinks' (55.5%).

Some of the other important items showing high negative growth during the current month over the same month in previous year include 'Cable, Rubber Insulated' [(-) 64.1%], 'Passenger Cars' [(-) 17.5%], 'Sponge Iron' [(-) 20.4%], 'Tractors' [(-) 20.1%], 'Vitamins' [(-) 36.1%], 'Furnace Oil' [(-) 27.4%], 'Aviation Turbine Fuel' [(-) 28.3%], 'Earth Moving Machinery' [(-) 19.6%], 'Cigarettes' [(-) 17.6%], 'Ayurvedic Medicaments' [(-) 25.2%] and 'Fruit Pulp' [(-) 36.3%].

Along with the Q.E. of IIP for the month of August 2012, the indices for July 2012 have undergone the first revision and those for May 2012 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 July 2012 shall undergo final (second) revision along with the release of IIP for the month of October 2012.

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