In February, industrial production expanded 4.1% over the same month last year, according to the so-called quick estimate for the index of industrial production (IIP). The reading exceeded both the revised 1.1% increase recorded in November (previously reported: +6.8% year-on-year) as well as market expectations. According to the statistical office, the sharp revision to the January figure was caused by an error in the data regarding sugar production. The acceleration over January was broad-based, with all subcategories rebounding strongly over the previous month. On a use-based classification, the monthly figure mainly reflected strong growth in both basic goods and capital goods production. Despite the stronger monthly expansion, the trend in industrial production continues to point downwards, with annual average growth falling from 4.2% in January to 4.0% in February. The Central Bank anticipates GDP growth reaching 7.3% this fiscal year, which will end on March 2013, while the government sees the economy expanding 7.6%.
Industrial production accelerates
April 12, 2012
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India Industry Chart
Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Statistics and Programme Implementation (MOSPI) and FocusEconomics calculations.
India Economic News
October 17, 2016
Recently-released data related to India’s external sector showed that the trade deficit totaled USD 8.3 billion in September, which was a smaller shortfall than the USD 10.2 billion gap recorded in September 2015 (August 2016: USD 7.7 billion deficit).
October 15, 2016
In September, consumer prices fell 0.23% from the previous month, which followed August’s flat growth.
October 12, 2016
The fall in industrial production moderated in August, after recording the largest contraction since November 2015 in July.
October 5, 2016
Activity in India’s manufacturing sector lost steam in September.
October 4, 2016
The newly facelifted Reserve Bank of India (RBI) decided to ease monetary policy at a scheduled meeting on 4 October, cutting the repurchase rate from 6.50% to 6.25%—an over five-year low.