Buoyant manufacturing sector has pushed up industrial growth to 13.6 per cent in the first month of the current financial year against 9.9 per cent in April.
India's industrial output grew a better-than-expected 6.4 per cent in August compared with a downwardly revised 4.1 per cent growth a month ago.
'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.'
Eight infrastructure industries grew by 3.5 per cent in August this year, down from 4.4 per cent expansion witnessed in the same month last year.
The previous low was recorded at 3.8 per cent in May this year.
India's industrial output unexpectedly rose 1.2 per cent in May from a year earlier, led by a pick up in manufacturing, government data showed on Tuesday.
As per data released by the government on Monday, industrial output grew by 3.5 per cent in the April-October period this fiscal, as against 8.7 per cent in the same period last year.
In comparison, industry grew by 2.1 per cent in May last year.
The wholesale inflation rose for the third consecutive month in May at 2.61 per cent on account of rise in prices of food articles, especially vegetables, and manufactured items. The wholesale price index (WPI) based inflation was 1.26 per cent in the previous month. It was (-) 3.61 per cent in May 2023. "Positive rate of inflation in May, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc," the ministry of commerce & industry said in a statement on Friday.
India may have to lean more on West Asian nations for supplies of liquefied petroleum gas (LPG), a cooking fuel, in the coming years after Indian state-run refiners drew up big plans to diversify into producing more profitable petrochemicals. This shift leads to reduced LPG output, Indian refining executives said. The mantra for state-run oil companies, from Indian Oil Corporation (IndianOil) to liquefied natural gas (LNG) importer Petronet LNG, which are looking to diversify their businesses from lower-margin fuels, has been value-added petrochemicals.
For the entire 2015-16 fiscal, the factory output grew at 2.4 per cent, down from 2.8 per cent in the previous fiscal.
Wholesale inflation fell to a 4-month low of 1.31 per cent in August due to a decline in prices of vegetables and fuel, even though onion and potato prices spiked, according to official data released on Tuesday. Wholesale price index-based inflation fell for the second straight month in August after it hit a high of 3.43 per cent in May. Inflation in July was 2.04 per cent. In August last year, WPI inflation was (-) 0.46 per cent.
Indian Industry grew by 8.3 per cent in January this year compared to 7.5 per cent a year ago mainly due to the higher growth in manufacturing.
Industrial growth, as measured by the index of industrial production, however, was slightly lower than around 16 per cent of the previous month and 17.6 per cent in December.
The Indian industry logged 8.5 per cent growth in October 2005, compared to 10.6 per cent in the same month last fiscal.
Factory output in March, as measured in terms of the Index of Industrial Production released today, also witnessed lower growth of 7.3 per cent, compared to 15.5 per cent expansion in the same month a year ago.
Led by a strong recovery in the manufacturing sector, the industry registered an impressive growth of 7.9% during August 2004 against 5.7% in the same month last year.
However, growth in factory output in January, as measured in terms of the Index of Industrial Production, was better than the 2.53 per cent expansion (revised upward from 1.6 per cent) witnessed in the previous month.
The fiscal 2008-09 began on somber note with industrial growth in April dropping to 7 per cent compared to 11.3 per cent in the same month a year ago, reflecting the impact of higher interest rates and rising input costs.The performance in April, however, was much better than the 3.9 per cent growth rate witnessed during March, the last month of the previous fiscal, according the Index of Industrial Production (IIP) data released on Thursday.
Growth of eight key infrastructure sectors slowed down to 8.2 per cent in June 2023 compared to the year-ago month due to a decline in the production of crude oil, according to the official data released on Monday.
Industrial growth zoomed to 16.8 per cent in December 2009, giving hope to the government that overall economic growth may be faster and rekindling a debate on withdrawal of stimulus packages in the Union Budget.
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India's industrial production shot up by 12.4 per cent in July 2006 as against 4.7 per cent in the same month last year.
The decline has been mainly on account of a fall in manufacturing, the output of which contracted by 3.3 per cent during March. The sector, which accounts for almost 80 per cent of the index, registered an increase of 5.7 per cent during the same month in 2008.
Economists surveyed by Reuters had forecast a 0.5 per cent growth in output
The Index of Industrial Production recorded an impressive growth of 11 per cent in February despite power sector registering dismal performance indicating unpleasant summers in the days ahead.
Industrial production and inflation data, quarterly earnings from IT majors and global trends would drive the equity markets in a holiday-shortened week, analysts said. Moreover, foreign fund trading activity, movement of the rupee and global crude oil prices would also dictate terms in the market, they added. Equity markets would remain closed on Friday for 'Dr Baba Saheb Ambedkar Jayanti'.
Decline in production of crude oil coupled with a slowdown in output of other products pulled back the growth of six key infrastructure industries to 5.3 per cent in June compared to 7.7 per cent a year ago.
An all round poor performance in the key sectors dragged down the industrial growth to 5.2 per cent in August this year as against 6.2 per cent in the same period in 2002-03.
In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during November 2018.
Industrial growth in October 2003 increased to 5.4 per cent against the same month last year.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
During the April-July period of this fiscal, IIP growth stood at 5.8 per cent, as against 9.7 per cent in the corresponding four-month period last year.
The industrial production, which crossed 15 per cent in July, dipped to 6.91 per cent in August and further to 4.4 per cent in September.
The country's industrial growth shot up to 14.4 per cent in November 2006, the fastest in more than a decade, on the back of impressive performance of manufacturing sector and a rebound in mining production.
Industrial growth during the April-June quarter stood at 6.8 per cent.
Gujarat, for the second consecutive year, has topped the Niti Aayog's Export Preparedness Index 2021 which is aimed at assessing the readiness of the states in terms of their export potential and performance. Gujarat was followed by Maharashtra, Karnataka, Tamil Nadu, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Andhra Pradesh and Telengana, according to the government think tank's report. Union territories and states like Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom.
Equity benchmark indices Sensex and Nifty declined for the second straight session on Friday following selling in banking, financial and select IT shares amid a weak trend in global markets. The 30-share BSE Sensex dropped by 125.65 points or 0.19 per cent to close at 66,282.74 as 16 of its constituents fell and 14 advanced. The index opened lower and fell further by around 513 points to the day's low of 65,895.41 in morning deals.
The Indian economy is likely to post better than anticipated growth in the second quarter (July-September) owing to robust urban consumption and expansion in services, a Business Standard analysis of high-frequency indicators showed. While gross domestic product growth in the September quarter is expected to come below the 7.8 per cent print in the June quarter due to a favourable base fading, analysts say the print will be much closer to 7 per cent than the 6.5 per cent anticipated earlier. While the Reserve Bank of India (RBI) had estimated 6.5 per cent growth for July-September, last month Governor Shaktikanta Das said the growth figure would surprise on the upside.
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