India's industrial production up 2.7 per cent in May
10 Jul 2009
Industrial production in the country grew at 2.7 per cent in May, showing signs of an economic recovery, although the growth rate was far lower compared to a growth of 4.4 per cent in May 2008.
The general index of industrial production (IIP) with base 1993-94=100 stood at 281.9 in May 2009, up 2.7 per cent compared to the level in May 2008, as per quick estimates released by the Central Statistical Organisation (CSO).
The cumulative growth for the period April-May 2009-10 was up 1.9 per cent over the corresponding period of the pervious year.
The Indices for the mining, manufacturing and electricity sectors stood at 184.0, 300.5, and 237.6 respectively in May 2009, with the corresponding growth rates of 3.7 per cent, 2.5 per cent and 3.3 per cent as compared to May 2008. The cumulative growth during April-May 2009-10 over the corresponding period of 2008-09 in the three sectors have been 3.8 per cent, 1.5 per cent and 5.1 per cent respectively, which moved the overall growth in the general index to 1.9 per cent data showed.
As many as nine out of the seventeen industry groups have shown positive growth during the May 2009 as compared to the corresponding month of the previous year. The industry group 'other manufacturing industries' have shown the highest growth of 27.3 per cent, followed by 16.4 per cent in 'rubber, plastics, petroleum and coal products' and 15.3 per cent in 'wood and wood products, furniture and fixtures'. On the other hand, the industry group 'jute and other vegetable fibre textiles (except cotton)' have shown a negative growth of 20 per cent, followed by 14.7 per cent in 'food products' and 10.3 per cent in 'beverages, tobacco and related products'.
Sector wise, basic goods production rose 3.8 per cent in May this year while capital goods registered a negative (-) 3.6 per cent growth. Intermediate goods production grew at 6.1 per cent while consumer durables and consumer non-durables recorded growth rates of 12.4 per cent and (-) 2.3 per cent respectively in May 2009. The overall growth in consumer goods stood at 1.2 per cent.
Indices of industrial production for April 2009 have undergone the first revision and those for February 2009 have undergone the second (final) revision in the light of the updated data received from the source agencies, CSO said. Revised indices for March has undergone a first revision and these will undergo final revision in August 2009, it added.