India Industry March 2019


India: Industrial production falls in March for the first time since June 2017

May 10, 2019

Industrial production fell 0.1% in March compared to the same month a year earlier, contrasting the 0.1% growth in February and sharply undershooting market analysts’ expectations of 1.3% growth. March’s reading represents the first annual decrease in industrial production since June 2017.

In terms of sectors, this latest outturn was due to a fall in manufacturing output, while mining output growth slowed markedly. On the other hand, electricity generation output accelerated in March. On a use-based classification, output of capital, consumer durable and intermediate goods all declined in March. On the other hand, primary, infrastructure and consumer non-durable goods observed growth.

Annual average growth in industrial production moderated 3.7% in March, down from 4.1% in February.

FocusEconomics panelists expect industrial production to increase 5.8% in fiscal year 2019, which is down 0.2 percentage points from last month’s forecast. For fiscal year 2020, the panel expects industrial output to expand 6.0%.

Author:, Economist

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India Industry Chart

India Industry March 2019

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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