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Industrial growth rebounds to 6.8% in January

Last updated on: March 12, 2012 14:49 IST

Industrial growth rebounds to 6.8% in January

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Showing signs of recovery, industrial production gathered pace and grew 6.8 per cent in January, over the previous month, mainly because of improvement in the manufacturing sector.

Growth in factory output growth, as measured by the Index of Industrial Production, was however higher at 7.5 per cent in January 2011.

IIP growth has been revised upwards to 2.5 per cent in December, from the provisional estimates of 1.8 per cent.

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Industrial growth rebounds to 6.8% in January

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Output of the manufacturing sector, which constitutes over 75 per cent of the index, rose 8.5 per cent in January, compared to 8.1 per cent in the same month last year, according to the official data released on Monday.

Besides, output of consumer goods grew 20.2 per cent in January, as compared to 8.3 per cent in the same month last year.

The production of the non-durable consumer goods segment has shown signs of improvement and grew by 42.1 per cent in the month under review.

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Industrial growth rebounds to 6.8% in January

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However the capital goods sector witnessed a contraction of 1.5 per cent, as against a growth of 5.3 per cent in the same month last year.

Mining output too contracted by 2.7 per cent in January, against 1.7 per cent growth in the year ago period.

The power generation witnessed a slow growth of 3.2 per cent in January, compared to 10.5 per cent in the year ago period.

During the month, 13 out of 22 industry groups witnessed growth.

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Industrial growth rebounds to 6.8% in January

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Output of basic goods went up by meagre 1.6 per cent, as against 7.7 per cent in the year ago period.

However, intermediate goods witnessed a contraction of 3.2 per cent, as against 7.4 per cent growth in January last year.

During the April-January period this fiscal, the IIP growth stood at 4 per cent, as against 8.3 per cent in same period in 2010-11.

Earlier last month, the Central Statistical Organisation had estimated that the Indian economy would grow at a slower pace of 6.9 per cent this fiscal, as against 8.4 per cent in 2010-11.

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Industrial growth rebounds to 6.8% in January

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The overall slow growth of IIP at 4 per cent during the April-January period, may prompt the Reserve Bank to cut short term lending and borrowing rates in the mid-quarterly review of the monetary policy on Wednesday, especially in view of easing inflation, experts said.

Industry officials have blamed the slowdown in growth to the high interest rate regime that has made borrowings costly and curbed consumer spending.

Prime Minister's economic advisory panel chief C Rangarajan has said that the policy rate cuts by RBI would depend on inflation movement.

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Industrial growth rebounds to 6.8% in January

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Overall inflation has started showing sign of cooling off as cheaper food items pulled it down to a 26-month low of 6.55 per cent in January.

The apex bank in a surprise move had slashed cash reserve ratio from 5.5 per cent to 4.75 per cent on Friday, to infuse Rs 48,000 crore (Rs 480 billion) to ease the liquidity crunch in the financial system.

RBI had last reduced CRR by 0.5 percentage point on January 24 as well, injecting Rs 32,000 crore (Rs 320 billion) into the system.

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