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India: Industrial production rebounds in April

June 12, 2014

Industrial production rebounded and expanded 3.4% over the same month last year in April according to the Quick Estimate of the Index of Industrial Production (IIP). The reading contrasted the 0.5% contraction tallied in March and exceed market expectations of a 1.9% expansion.

The expansion was driven by an across-the-board improvement in the three sub-categories that comprise the IIP. Electricity rose 11.9%, up from the 5.4% tallied in March. Manufacturing output rebounded from March’s 1.3% contraction to a 2.6% expansion in April. Mining also expanded to 1.2%, which was up from the 0.3% increase seen in March.

Among the categories that measure the type of goods produced, April saw a strong rebound in the production of capital goods, which expanded 15.7%, contrasting the 11.6% decline seen in March. In addition, both production of basic goods and intermediate goods improved in April, expanding 6.8% and 4.4% respectively. The only category that deteriorated was production of consumer goods, which contracted 5.1% in April.

FocusEconomics panelists expect industrial production to increase 3.9% in fiscal year 2014/2015, which is down 0.2 percentage points from last month’s forecast. For fiscal year 2015/2016, the panel expects industrial output to expand 5.6%.


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India Industry April 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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