India Industry January 2017

India

India: Industrial production rebounds in January

March 10, 2017

Industrial production in India rebounded in January, after contracting in December. Industrial output expanded 2.7% compared to the same month of 2016, which contrasted with December’s revised 0.1% decrease (previously reported -0.4% year-on-year).

January’s result was driven chiefly by a rebound in manufacturing output, which grew 2.3% annually (December: -1.7% yoy). In contrast, electricity output deteriorated growing 3.9%, below December’s 6.3% and mining growth eased to 5.3% (December: +5.5% yoy).

On a use-based classification, the production of capital goods kicked into a higher gear and increased 10.7%. Meanwhile, the contraction in consumer goods moderated in January, while basic goods output grew at a slower pace.

Annual average growth in industrial production rose to 0.7% from December’s 0.3%. The result was the best reading in five months.

FocusEconomics panelists expect industrial production to increase 2.9% in fiscal year 2016, which is unchanged from last month’s forecast. For fiscal year 2017, the panel expects industrial output to expand 4.9%, which is also unchanged from last month.


Author: Angela Bouzanis, Senior Economist

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India Industry January 2017

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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