November decline in IIP: A statistical bug
INDEX OF INDUSTRIAL PRODUCTION (Y-O-Y % INCREASE)
Consumer goods indicate at least any YoY drop in the index number.
Mining and electricity slowed down in November (going by unadjusted data) and manufacturing declined, the first drop after 12 months of growth.
Taking the cumulative data for April-November that should iron out month-tomonth variations including bump in October and dip in November, industry has grown further over the period, though feebly, on the back of upward manufacturing. IIP increased 3.9 per cent (2.5 per cent) during the first eight months of the ongoing fiscal. Manufacturing expanded 3.9 per cent, against 1.5 per cent in the similar period last year and a decline in this period two years back. Mining slowed from 2.5 per cent to 2.1 per cent and electricity from 10.7 per
-0.5 cent to 4.6 per cent.
In manufacturing, 7 out of 22 major industries declined cumulatively, whereas the 15 others were in positive growth phase. Furniture, gems & jewellery, etc shot up 64 per cent. The industry, comprising mainly gems & jewellery, is turning out superlative output since around December 2014. Wearing apparel increased