Friday, 15 November, 2019

India's March IIP grows 2.7%

India's March IIP grows 2.7% India's March IIP grows 2.7%
Clarence Schmidt | 13 May, 2017, 11:53

According to data furnished by the Ministry of Statistics and Programme Implementation, the base year of the current Index of Industrial Production (IIP) has been revised from 2004-05 to 2011-12.

The rise was lower than the 3.49 per cent forecast by economists in a Reuters poll, and the lowest since India started publishing an economy-wide consumer price index in 2012.

Food price inflation for urban areas stood at 0.46 per cent in April 2017 against 2.42 per cent in March and 5.97 per cent in April previous year. The IIP growth was 5.5 per cent in March 2016, while for 2016-17, factory output grew by 5 per cent as against 3.4 per cent in the year-ago period.

Separately, the government reported the benchmark consumer inflation rate fell to 2.99% from a year earlier in April, the lowest level for the series that was introduced in 2012.

A value exceeding 100 denotes a growth in the IIP compared to the base year of 2015.

The National Industrial Classification 2008 will be followed in the new series for the goal of classification of products as per industries.

Due to the increasing significance of the electricity generation from renewable sources, it has been made a decision to include the same in the electricity generation figures for compilation of IIP in the new series.

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The Wholesale Price Index (WPI) series in India has undergone six revisions in 1952-53, 1961-62, 1970-71,1981-82, 1993-94 and 2004-05 so far. The change in the IIP base year is usually undertaken to reflect the changes in the structure and composition of the industry over time because of consumption pattern, technological changes and economic reforms.

Non-metallic mineral product manufacturing, making up 7.8 percent of the basket of goods measured by the IIP, increased to 117 from 94.8 YoY.

Electricity generation too slowed to 6.2 per cent, from 11.9 per cent in March 2016. The index basket of the new series has a total of 697 items, including 117 for primary articles, 16 for fuel and power and 564 for manufactured products.

The base year was revised from 2004-05 to 2011-12.

Talking to media Chief Statistician T C A Anant said the IIP base year has also been changed to ensure that it remains more relevant.

The sector contributes about 60 per cent in the country's gross domestic product (GDP).

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