India Industry


Industrial production rebounds in November

In November, industrial production expanded 3.8% compared to the same month of the previous year, recovering part of the ground lost in October, when output decreased 4.2%. The reading also overshot the 2.3% expansion the market had expected.

The strong increase in November stemmed from a rebound in manufacturing production, which increased 3.0% annually (October: -7.4% year-on-year) as well as due to healthy growth in mining and quarrying along with electricity generation.

On a use-based classification, the figure was mainly driven by a strong expansion in the production of capital goods and intermediate goods. Consumer goods continued to contract in December, although at a slower rate than in the previous month.

As a result of the improvement, the trend recovered. Annual average growth in industrial production rose from 0.9% in October to 1.4% in November.

FocusEconomics panelists expect industrial production to increase 3.6% in fiscal year 2014/2015, which is unchanged from last month’s forecast. For fiscal year 2015/2016, the panel expects industrial output to expand 5.5%, which is unchanged from last month’s forecast.

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India Industry Chart

India Industry November 2014

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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