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India's IIP Estimate-OCT-2011

The Quick Estimates of Index of Industrial Production (IIP) with base 2004- 05 for the month of October 2011 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. The General Index for the month of October 2011 stands at 158.1, which is (-) 5.1% as compared to the level in the month of October 2010. The cumulative growth for the period April-October 2011-12 stands at 3.5% over the corresponding period of the previous year.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2011 stand at 120.9, 165.9 and 152.1 respectively, with the corresponding growth rates of (-) 7.2%, (- )6.0% and 5.6% as compared to October 2010 (Statement I). The cumulative growth in the three sectors during April-October, 2011-12 over the corresponding period of 2010-11 has been (-)2.2%, 3.7% and 8.9% respectively, which moved the overall growth in the General Index to 3.5%.In terms of industries, thirteen (13) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown positive growth during the month of October 2011 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Medical, precision & optical instruments, watches and clocks’ has shown the highest growth of 30.8%, followed by 18.4% in ‘Office, accounting & computing machinery’ and 15.3% in ‘Radio, TV and communication equipment & apparatus’. On the other hand, the industry group ‘Electrical machinery & apparatus n.e.c.’ has shown a negative growth of 58.8% followed by 12.1% in ‘Machinery and equipment n.e.c.’ and 11.4% in ‘Rubber and plastics products’.

USE BASED IIP

As per Use-based classification, the growth rates in October 2011 over October 2010 are (-) 0.1% in Basic goods, (-) 25.5% in Capital goods and 1 (-) 4.7% in Intermediate goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of (-) 0.3% and (- ) 1.3% respectively, with the overall growth in Consumer goods being (-) 0.8%.Some of the important items of capital goods showing high negative growth during the current month and thus contributing to the low growth of the overall index for the month include ‘Cable, Rubber Insulated’ [(-) 82.9%], ‘Cement Machinery’ [(-) 74.6%], ‘Insulated Cables/Wires all kind’ [(-) 38.2%], ‘X-ray equipment’ [(-) 35.8%] and ‘Plastic Machinery including Moulding Machinery’ [(-) 32.3%]. However, some important items of the capital goods are also showing significant growth. These are: ‘Conductor, Aluminium’ (46.6%), ‘Boilers’ (45.8%), ‘Heat Exchangers’ (35.5%) and ‘Machine Tools’ (31.4%). The other important items showing growth during the month are: ‘Fruit Pulp’ (254.2%), ‘Cashew Kernels’ (91.9%), ‘Petroleum Coke’ (69.7%), ‘Rice’ (54.4%), ‘Marble Tiles/Slabs’ (47.2%), ‘Steel Castings’ (41.7%), ‘Leather Garments’ (33.6%), ‘Aluminium Tubes/Pipes’ (30.8%) and ‘Woollen Carpets’ (30.7%). .

Note:-Release of the index for November 2011 will be at 11.00 hours on the Thursday, 12 January 2012.

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