Retail inflation rose to three-month high of 4.81 per cent in June, mainly on account of hardening prices of food, according to the government data. Inflation based on the Consumer Price Index (CPI) stood at 4.31 per per (revised upward from 4.25 per cent) in May and 7 per cent in June 2022. The inflation, however, remains within the RBI's comfort level of below 6 per cent.
Economies of Punjab, Andhra Pradesh, Madhya Pradesh, Uttarakhand and Haryana may have grown at a slower pace than the national economy during 2022-2023.
From the Sensex pack, Reliance Industries fell the most by 2 per cent. Tata Steel, Bajaj Finserv, ITC, NTPC, Bharti Airtel, Tech Mahindra, Titan, Axis Bank and Bajaj Finance were among the other major laggards.
Industrial production declined by 8 per cent in August, mainly due to lower output of manufacturing, mining and power generation sectors, official data showed on Monday. According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 8.6 per cent, while the output of mining and power segments fell 9.8 per cent and 1.8 per cent, respectively.
The situation raises concerns about whether the promised freebies will once again push the state into a revenue deficit.
Ministry of Statistics and Programme Implementation recently published key employment indicators.
India's urban unemployment rate declined in Q4FY23 to 6.8 per cent - the lowest in over four years -- after it stagnated at 7.2 per cent in the previous October-December quarter, reflecting improvement in the labour market, according to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO) on Monday. The unemployment rate in current weekly status (CWS) terms for all ages in the March quarter was the lowest recorded in more than four years, from the time the NSO released India's first quarterly urban jobless rate for the December quarter in 2018. The jobless rate in urban areas had been on a continuous decline since the peak of 20.8 per cent in the April-June quarter of FY21.
As many as 386 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.7 lakh crore, as per a report. According to the ministry of statistics and programme implementation, which monitors infrastructure projects of Rs 150 crore and above, out of 1,505 projects, 386 reported cost overruns and as many as 661 projects were delayed. "Total original cost of implementation of the 1505 projects was Rs 21,21,793.23 crore and their anticipated completion cost is likely to be Rs 25,92,537.79 crore, which reflects overall cost overruns of Rs 4,70,744.56 crore (22.19% of original cost)," the ministry's latest report for July 2022 said.
India's economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday. Goyal further said that a global slowdown reducing India's export growth, geopolitics fueling oil and food prices, and erratic weather are some of the continuing risks that the country faces. "India has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks.
A government ministry has proposed decriminalising offences under the Collection of Statistics Act 2008 as part of the government's efforts to rationalise legislations to promote the ease of doing business. The Ministry of Statistics and Programme Implementation (MoSPI) has invited public comments on its draft proposal by October 30. The proposal to amend sections of the act will decriminalise offences like obstructing or deceiving statistics officers by doing away with the provision of simple imprisonment up to six months.
Factory production expanded by 1.3 per cent on an annual basis in January on account of better performance by mining and manufacturing sectors, though capital goods segment remained in contraction mode, as per government data released on Friday. The Index of Industrial Production (IIP) had contracted by 0.6 per cent in January 2021. The growth was 0.7 per cent in December 2021. As per the data released by the Ministry of Statistics and Programme Implementation, the growth in the mining sector was 2.8 per cent against a contraction of 2.4 per cent in January 2021.
Factory production expanded by 1.7 per cent on an annual basis in February on account of improved performance by the mining and power generation sectors, as per government data released on Tuesday. The Index of Industrial Production (IIP) had contracted by 3.2 per cent in February 2021. The growth was 1.5 per cent in January 2022. As per the data released by the Ministry of Statistics and Programme Implementation, the growth in the mining sector was 4.5 per cent against a contraction of 4.4 per cent in February 2021.
If 4,000 workers could work round the clock for the construction of the new Parliament building, then there is no reason why all infrastructure projects too cannot follow that model, asserts Dr Sudhir Bisht.
As many as 483 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.43 lakh crore, according to a report. The Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 crore and above. Of the 1,781 such projects, 483 reported cost overruns and 504 were delayed.
The statement comes in the wake of two independent members of the NSC, P C Mohanan and J V Meenakshi, quitting the Commission over disagreements with the government on the back-series GDP data and delay in release of labour force survey. Mohanan was also the acting chairperson of the Commission.
It is human error, which cannot be completely avoided in complex data like the Index of Industrial Production (IIP), says T C A Anant.
Consumer durables shrank year on year, which could suggest to observers that spending confidence is yet to return to the economy.
A Public Interest Litigation has been filed in the Gujarat high court seeking a prohibition order on Central government's advertisements carrying photos of United Progressive Alliance chairperson Sonia Gandhi, who does not hold any constitutional position.
Some of the reasons for time overruns were delay in land acquisition, delay in forest clearance, Maoist activities, law and order, delay in supply of material.
While the index of industrial production series is justly criticised for its flaws and its volatility, its trend is unmistakable.
The three-year comparison results from the lack of corresponding figures for 2009-10 and 2010-11, as MoSPI publishes data with a huge lag.
PM-led body won't have jurisdiction over state-level issues that contribute most to delays.
Though it was 2.7 per cent higher compared to the corresponding month last year, this could be just a blip if one look at the performance of individual components of the index.
Correcting the industrial output figures twice within span of a few hours, the government on Thursday said IIP grew at 2.3 per cent in April instead of 2 per cent reported on Wednesday.
According to a privilege extended to lawmakers by the Ministry of Statistics and Programme Implementation, MPs can now sponsor the construction of the railway stations from his/her annual budget of Rs 5 crore and etch his name for perpetuity on a steel or metal plaque.
With Indian statistics facing heavy criticism from all quarters in recent times, the Central Statistical Organisation (CSO), which is responsible for coordination of statistical activities in the country and evolving and maintaining statistical standards, will have to explore ways to reduce dependence on outsourced secondary data collection.
In current prices, salaries jumped by 24.8 per cent in 2010-12, while in real terms, wages rose by 18.1 per cent.
For the economy to grow by 6.9 per cent in 2011-12, GDP growth for the fourth quarter needs to be 6.9 per cent.
The figure was arrived based on a comparison with the annual all-India CPI index average for the whole of 2010.
The statistics ministry has proposed the new base year for GDP and IIP as 2017-18 while for CPI it will be 2018.
As many as 251 projects are delayed and 116 works were sanctioned without any commissioning schedule.
MoSPI showed Maharashtra as the state with the least economic growth in 2011-12.
Govt issues draft on new index calculation; other sectors to follow suit in phases.
Facing embarrassment after throwing forward sharply different economic growth figures based on two different methodologies, the government will soon set the record straight on the pace of economic expansion.
As many as 449 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.29 lakh crore, according to a report. The ministry of statistics and programme implementation monitors infrastructure projects worth Rs 150 crore and above. Of the 1,736 such projects, 449 reported cost overruns and 547 were delayed.
The Annual Survey of Industry, carried out by the Ministry of Statistics and Programme Implementation for the year 2008-09 shows that the growth in Gross Value Addition in the manufacturing industry nearly halved to 10.59 per cent from 20.12 per cent in 2007-08.
'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
The government revised the economic growth rate for 2010-11 financial year slightly downto 8.4 per cent from the earlier estimate of 8.5 per cent.
The data, to be compiled by the ministry of statistics and programme implementation, will bring out the proportion of population actively contributing to production of goods and services, also known as the labour force participation ratio, every quarter.
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