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India: Industrial production picks up pace in April

June 12, 2015

In April, industrial production expanded 4.1% compared to the same month last year. The reading was above March’s revised 2.5% increase (previously reported: +2.1% year-on-year), and overshot the 1.5% expansion the market had expected.

The acceleration in April was driven by a pick-up in manufacturing. Manufacturing production rose 5.1% over the same month last year, which was above March’s 2.8% rise. In contrast, mining expanded a meagre 0.6% in April, which was below March’s 2.8% increase. In addition, production of electricity swung to a contraction.

On a use-based classification, the figure was driven by a broad-based improvement. The production of consumer goods rebounded in April and the production of capital goods accelerated.

Corroborating the improved performance in industrial production, the trend improved. Annual average growth in industrial production rose from 2.8% in March to 2.9% in April.

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 April 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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