India's industrial production grew merely 1.2% in July

India's industrial production grew merely 1.2% in July”

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2017 stand at 92.6, 119.5 and 151.8 respectively, with the corresponding growth rates of 4.8 percent, 0.1 percent and 6.5 percent as compared to July 2016 (Statement I).

As per the new Index of Industrial Production (IIP), with the revised base year of 2011-12, factory output had declined by (-) 0.1 per cent during June due to a drop in manufacturing, from a rise of 2.80 per cent reported for May this year. During April-July, IIP grew by 1.7 per cent, down from 6.5 per cent in the same period a year ago. The slowdown was attributed to the disruptions caused by GST and destocking undertaken by manufacturers.

Along with the quick estimates of IIP for the month of July 2017, the indices for June 2017 have undergone the first revision and those for April 2017 have undergone the final revision in the light of the updated data received from the source agencies. A total of eight out of 23 industry groups in the manufacturing sector grew in July 2017 compared to the corresponding month previous year.

Consumer non-durables have recorded a growth of 3.4 per cent.

Production in the mining, manufacturing and electricity sectors increased by 4.8 per cent, 0.1 per cent and 6.5 per cent, respectively in July 2017 while cumulative growth in production in the three sectors during April-July 2017 stood at 2.1 per cent, 1.3 per cent and 5.6 per cent, respectively.

The output of mining and electricity sectors during the month accelerated to 4.8 percent and 6.5 percent from 0.9 percent and 2.1 percent respectively in June a year ago.

Capital goods output, which is the barometer of investment, declined by 1 percent from a growth of 8.8 percent a year ago.

Daily consumables like fruits and vegetables turned costlier during the month, with inflation print coming in at 5.29 per cent and 6.16 per cent, respectively, as against 2.83 per cent and (-) 3.57 per cent in July, the data showed. Also, transport and communication means became costlier during the month, with inflation rising to 3.71 per cent from 1.76 per cent in July.

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