March factory output growth accelerates to 2.5 percent
India’s industrial production growth rose at a pace of 2.5 per cent in March, after its moderate growth of 0.6 per cent in February 2013. The Index of Industrial production had registered a growth rate of 2.4 per cent in January 2013.
The cumulative growth in the April 2012-March 2013 period was 1 per cent, according to the data released by the Central Statistical Office, Ministry Of Statistics And Programme Implementation today.
In March 2012, the IIP had declined by 2.8 per cent, and the cumulative growth in the rate of industrial production was2.9 per cent.
The manufacturing sector, which constitutes over 75% of the index, grew by 3.2 % in March, against its decline of 3.2 per cent in the corresponding period in the previous year. The cumulative growth in the manufacturing sector in the March 2012-April 2013 period was 1.2 per cent. Similarly, the decline in the mining sector output was 2.9 per cent, against the cumulative decline of 2.5 per cent since April 2012. In March 2012, the mining sector growth had declined by 1.1 per cent.The growth in the electricity sector output was 3.5 per cent, when the cumulative growth since April 2012 was 4 per cent. The electricity sector had grown by 2.7 per cent in March 2012.
10 out of 22 industrial groups registered a positive growth during March 2013, over its corresponding period in the previous year. Among industrial groups, ‘Wearing apparel’ shows the highest positive growth of 152.3 per cent, followed by 64.6% in ‘Electrical machinery and apparatus’ (64.6 per cent).
Basic good registered a growth rate of 2.6 per cent, against the growth rate of 1.1 per cent in the corresponding period in the previous year. The growth in the capital goods was 6.9 per cent, in comparison to the decline of 20.1 per cent in March 2012. Intermediate goods registered a decline of 0.2 percent, though it had registered neither growth nor decline in March 2012.The Consumer durables and Consumer non-durables have registered a growth rate of -4.5 per cent and 6.5 per cent respectively, against 1.2 per cent and 1 per cent in March 2012 . The overall growth in the consumer goods output was 1.6 per cent, in comparison to the growth rate of 1.1 per cent in March 2012.
Food products and beverages registered a decline of 1.4 per cent, when the cumulative growth since April 2012 was 2.8 per cent. Tobacco products registered a growth in output of 33 per cent in March 2013, when the cumulative growth in the previous financial year was -0.3 per cent.
The core sector had registered a decade low growth rate of 2.6 per cent in the Financial year 2012-13. In March 2013, the growth in the eight core sectors of the industry was 2.9 per cent.
Source : Business Standard