India Industry


Industrial production expands at fastest pace in 16 months

In October, industrial production increased 8.2% over the same month the previous year, according to the so-called quick estimate for the index of industrial production (IIP). The reading contrasted the revised 0.7% drop recorded in September (previously reported: -0.4% year-on-year) and overshot market expectations of a 5.1% rise. The October expansion marked, in fact, the fastest growth rate recorded in 16 months.

The strong expansion was mainly driven by a sharp rebound in the manufacturing sector. On a use-based classification, the monthly figure reflected faster growth in all sub-categories, in particular in consumer goods.

As a result of the monthly reading, the trend is now pointing upwards, with annual average growth in industrial production rising from 0.6% in September to 1.7% in October.


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India Industry Chart

India Industry October 2012

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Statistics and Programme Implementation (MOSPI) and FocusEconomics calculations.

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