IIP grows at 6.6% in July as durables, out­put shine

Financial Chronicle - - PLAN, POLICY -

IN­DUS­TRIAL pro­duc­tion grew at 6.6 per cent in July on the back of good per­for­mance by the man­u­fac­tur­ing sec­tor and higher off­take of cap­i­tal goods and con­sumer durables. Fac­tory out­put mea­sured in terms of the In­dex of In­dus­trial Pro­duc­tion had ex­panded by just 1 per cent in July last year, ac­cord­ing to the data re­leased by Cen­tral Statistics Of­fice (CSO).

The IIP growth for June was also re­vised down­wards to 6.8 per cent from the pro­vi­sional es­ti­mate of 7 per cent re­leased last month, the data showed. The man­u­fac­tur­ing sec­tor recorded a 7 per cent growth in July against a con­trac­tion of 0.1 per cent in the same month year ago. The con­sumer durables sec­tor recorded an im­pres­sive growth of 14.4 per cent in July against a dip of 2.4 per cent year ago. Cap­i­tal goods pro­duc­tion grew by 3 per cent in July against de­cline of 1.1 per cent year ago. The IIP growth in April-July pe­riod was 5.4 per cent com­pared to 1.7 per cent year ago. In terms of in­dus­tries, 22 out of 23 in­dus­try groups in the man­u­fac­tur­ing sec­tor showed pos­i­tive growth dur­ing July 2018.

The in­dus­try group ‘man­u­fac­ture of fur­ni­ture' has shown the high­est pos­i­tive growth of 42.7 per cent fol­lowed by 30.8 per cent in man­u­fac­ture of com­puter, elec­tron­ics and op­ti­cal prod­ucts and 28.4 per cent in tobacco items out­put.

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