India’s Industrial Output Grows 3.1% In April
IIP growth picked up compared to 2.7 percent in March.
India’s factory output picked up for a second straight month in April after the government revised the base year to calculate the Index of Industrial Production (IIP) last month.
Industrial production in April rose 3.1 percent compared to a year ago, according to data from the Ministry of Statistics and Programme Implementation. IIP had risen 2.7 percent in March. For the April-March 2016-17 period, industrial output grew 5 percent on a year-on-year basis.
The trajectory of industrial output, however, tells a story of growth which has been on the decline since last year. This is consistent with the gross domestic product (GDP) data released last month which showed a decline in growth to 7.1 percent in fiscal 2017 compared to 8 percent in the previous year.
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Manufacturing output in the country grew 2.6 percent in March over the last year with 14 out of the 23 classified industry groups showing positive growth. The pharmaceutical products sector was the highest contributor with a growth of 29.1 percent over the last year. It was followed by the output of tobacco products which grew 17.9 percent compared to the same period last year.
Output of beverages fell 19.2 percent followed by a 15.6 percent fall in the production of motor vehicles, trailers and semi-trailers.
India's mining output in April grew 6.7 percent year-on-year. Electricity generation too saw a 14.4 percent pickup in the same month over last year.
Output of primary goods and intermediate goods grew 3.4 percent and 4.6 percent respectively. However, output of capital goods declined 1.3 percent. Infrastructure and construction goods, a new category introduced in this series, registered a 5.8 percent year-on-year growth.