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India: Industrial production picks up in February

April 10, 2015

In February, industrial production expanded 5.0% compared to the same month last year. The reading was above January’s revised 2.8% increase (previously reported: +2.6% year-on-year), and overshot the 3.3% expansion the market had expected.

The acceleration in February was broad-based. Manufacturing production rose 5.2% over the same month last year, which was above January’s 3.4% rise. Mining expanded 2.5% in February, which contrasted January’s 2.0% fall. In addition, production of electricity picked up.

On a use-based classification, the figure was driven by an improvement in the production of consumer goods, basic goods and intermediate goods. In contrast, the production of capital goods decelerated in February.

As a result of the acceleration, the trend improved. Annual average growth in industrial production rose from 2.0% in January to 2.6% in February.

FocusEconomics panelists expect industrial production to increase 6.1% in fiscal year 2015/2016, which is down 0.4 percentage points from last month’s forecast. For fiscal year 2016/2017, the panel expects industrial output to expand 7.1%.


Author: Angela Bouzanis, Senior Economist

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India Industry February 2015

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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