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August IIP up 4.3% boosted by mining, power, manufacturing (Lead)

Thursday - October 12, 2017 7:20 pm , Category : BUSINESS

New Delhi Oct 12 (IANS) The Indian Index of Industrial Production (IIP) for August released on Thursday showed that factory output grew 4.3 per cent against the same month last year on the back of robust mining and electricity sector growth.



According to the Ministry of Statistics and Programme Implementation manufacturing output in the country in July 2017 had grown marginally by 1.2 per cent as compared to the corresponding month of last year.

As per the new IIP with the revised base year of 2011-12 factory output had declined by (-)0.1 per cent during June due to a drop in manufacturing from a rise of 2.80 per cent reported for May this year.

The cumulative growth for the period April-August 2017 was at a much lower 2.2 per cent over the corresponding period of last year.

Data released by the Central Statistics Office (CSO) showed that the August growth was partly led by a revival in electricity which grew at 8.3 per cent over the same month last year.

Manufacturing output which has the maximum weightage in the overall index grew at 4.3 per cent in August as against 5.5 per cent during the same month of last year.

Mining output during the month in consideration recorded impressive growth of 9.4 per cent as compared to the decline in August last year at (-)4.3 per cent.

Among the six use-based classification groups the output of primary goods grew by 7.1 per cent consumer non-durables by 6.9 per cent and infrastructure or construction goods by 2.5 per cent.

Both capital goods and consumer durables recovered from last month s decline to grow in August at 5.4 per cent and 1.6 per cent respectively.

In contrast the output of intermediate goods declined by (-)0.2 per cent.

"In terms of industries 10 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of August 2017 as compared to the corresponding month of the previous year " the CSO said.

"The industry group Manufacture of computer electronic and optical products has shown the highest positive growth of 24.9 per cent followed by 16.5 per cent in Manufacture of pharmaceuticals medicinal chemical and botanical products. On the other hand the industry group Manufacture of furniture has shown the highest negative growth of (-)16.0 per cent followed by (-)15.1 per cent in Manufacture of tobacco products and (-)1.4 percent in Printing and reproduction of recorded media " it added.

--IANS
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