As per the official data, industrial output in the April-June quarter too contracted by 0.1 per cent this fiscal, against a growth of 6.9 per cent in the corresponding period a year ago.
Factory output growth, as measured by the Index of Industrial Production, fell sharply to 1.8 per cent in December 2011, from 8.1 per cent a year ago, mainly on account of contraction in mining, capital goods and poor growth in manufacturing sector.
Despite high headline numbers, the output of one-third of the segments in the manufacturing sector in August stood below even that in the same month in 2011-12, when the new index of industrial production (IIP) series started. This is despite the fact that manufacturing grew 9.3 per cent in the month, driving up IIP growth to a 14-month high of 10.3 per cent. Part of it is due to the devastation of these product categories by lockdowns induced by Covid waves and subdued export conditions, while part of it needs to be assessed further.
Markets ended lower, amid weak global cues, on profit taking and February IIP data due later today.
This is the fourth straight weekly plunge for both the indices.
India's industrial production growth rose to a 14-month high of 10.3 per cent in August, mainly due to good show by the manufacturing, mining and power sectors, according to the official data released on Thursday. The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The previous high was recorded at 12.6 per cent growth in June 2022.
Expressing serious concern over contraction in industrial output in November, India Inc called for immediate policy interventions, including a rate cut by RBI, to prevent job losses and boost demand.
The growth of eight key infrastructure sectors slowed to a 14-month low of 3.8 per cent in December 2023, on account of poor performance of sectors like crude oil, electricity, steel and cement, according to the official data released on Wednesday. The core sector (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity) growth in November was 7.9 per cent. It was 8.3 per cent in December 2022.
The growth of eight key infrastructure sectors slowed to 6.7 per cent in February, compared to the same month in 2023, on account of poor performance of some sectors like fertiliser, according to official data released on Thursday. However, the growth rate is higher than January this year.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
In terms of industries, 22 out of 23 industry groups in the manufacturing sector showed positive growth during July 2018.
Sharma, who has been regularly reviewing the situation with senior officials, has expressed concern over the drop in industrial performance in the recent months, the statement said.
India's industrial production growth decelerated to 5.8 per cent in September from 10.3 per cent in August, though on an annual basis, the output of manufacturing and mining sectors showed an improvement, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) had grown by 3.3 per cent in September 2022. During April-September 2023-24, the IIP growth works out to be 6 per cent, down from 7.1 per cent in the corresponding period a year ago.
India's industrial output contracted by 0.6 per cent in December, 2012 compared to a growth of 2.7 per cent in same month a year ago.
India's industrial production growth rose to a five-month high of 5.7 per cent in July, mainly due to good showing by the manufacturing, mining and power sectors, according to the official data released on Tuesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in July 2022. The previous high was recorded at six per cent growth in February 2023. Thereafter, the growth rate declined to 1.9 per cent in March 2023 before rising to 4.6 per cent in April and further to 5.3 per cent in May.
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.
Industrial production (IIP) grew to a three-year high of 6.4 per cent in August, up from 4.1 per cent in July.
Petitioning the RBI to slash key interest rates, India Inc on Thursday said the recovery in industrial production in November must be seen with "caution" as the performance of critical sectors like capital goods remains poor.
Expressing disappointment over the contraction in industrial growth in October, India Inc has appealed to the Reserve Bank to cut interest rates to revive the manufacturing sector and ameliorate investments.
India's industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6 per cent in January, on account of poor performance of sectors like refinery products, fertiliser, steel and electricity, according to the official data released on Thursday. The growth of eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.9 per cent in December. It was 9.7 per cent in January 2023.
Market breadth was marginally lower with 1,474 losers and 1,395 gainers on the BSE.
Macroeconomic data announcements, global factors and trading activity of foreign investors would be the key triggers for the domestic stock markets this week, analysts said. Last week, the benchmark indices joined the broader market's party despite a host of negative global cues. In the broader market, the BSE midcap and smallcap gauges hit their all-time highs on Friday.
India's annual industrial output grew at a slower-than-expected pace of 3.6 percent in September.
According to a statement available on the Ministry of Statistics and Programme Implementation website, gross domestic product, consumer price index and index of industrial production will now be released at 5.30 in the evening.
India Inc on Friday expressed the hope that the robust 17.6-per cent industrial growth in April will help the economy grow by 8.5 per cent in this fiscal, even though factory output growth may moderate after June.
The market breadth was weak. Out of 2990 stocks traded on the BSE, there were 1080 advancing stocks as against 1848 declines.
India's industrial production grew by 1 per cent in December, official data showed on Friday. According to the Index of Industrial Production (IIP) data, the manufacturing sector output grew by 1.6 per cent in December 2020.
The Nifty ended down 51 points at 4,953 - slipping once again below the 5,000 mark which it had crossed yesterday.
An impressive performance by the manufacturing sector catapulted industrial growth to 7.8 per cent during the first four months of the current financial year.
India's economic growth slowed to a 15-month low of 6.7 per cent in April-June 2024-25, mainly due to poor performance of the agriculture and services sectors, government data showed on Friday. The gross domestic product (GDP) expanded by 8.2 per cent in the April-June quarter of 2022-23. India, however, remained the fastest-growing major economy, as China posted a 4.7 per cent growth in April-June 2024.
Progress on monsoons along with favourable base effect in 2HFY2017 continues to point towards RBI achieving its near 5 per cent inflation target by the year-end
The consumer durables segment declined by 23.4 per cent in June, as against a dip of 10.1 per cent a year ago.
The Index of Industrial Production for the same month last year stood at 12 per cent. For the first half of the current fiscal (April-September 2007) too, IIP slipped to 9.2 per cent against 11.1 per cent in the corresponding period a year ago, an official release said on Monday. During September, the manufacturing sector growth decelerated to 6.6 per cent as compared to 12.7 per cent in the same month last year.
Industry chamber Federation of Indian Chambers of Commerce and Industry said the Reserve Bank of India should intervene and cut interest rates.
Industrial production in November was expected to grow 1.0 per cent from a year earlier, after shrinking 1.8 per cent in October, according to the median consensus of 20 economists.
India's industrial production rose to 5.2 per cent in May from 4.5 per cent in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7 per cent in May 2022, mainly due to a lower base effect. "The growth rates over corresponding period of previous year are to be interpreted, considering the unusual circumstances on account of COVID 19 pandemic since March 2020," an official statement explained.
The Index of Industrial Production grew 5.6 per cent in August, compared with a revised 15.2 per cent in July.
A day before the Index of Industrial Production for August is to be made public, senior economists said on Monday that segments like capital goods -- which witnessed a production growth of 63 per cent in July against just 1.7 per cent a year ago -- will hopefully maintain the momentum.
