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Posted on Feb 12, 05:14PM | IBNS
New Delhi, Feb 12 : India's Index of Industrial Production (IIP) hit a three-month low to stand at 0.6pc in December 2012, according to government data released on Tuesday. Union Minister of State (Independent Charge) for Statistics and Programme Implementation Srikant Kumar Jena announced the release of the monthly Quick Estimates of Index of Industrial Production (IIP) for the month of December 2012 compiled by the Central Statistics Office.
The index is a composite indicator that measures the short term changes in the volume of industrial production.
According to the index, the industrial growth for the month of December 2012 over the corresponding month of the previous year is (-) 0.6pc .
The three sectors that constitute the index are Mining, Manufacturing and Electricity. The monthly growth rates of these three sectors for the month are (-) 4.0pc , (-) 0.7pc and 5.2pc respectively.
The Minister said as per "use-based" classification there has been positive growth in basic goods (2.6pc ), whereas negative growths have been registered in consumer durables [(-) 8.2pc ], consumer non-durables [(-) 1.4pc ], capital goods [(-) 0.9pc ] and intermediate goods [(-) 0.1pc ].
The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of December 2012 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy and Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum and Natural Gas; Office of Textile Commissioner; Department of Chemicals and Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils and Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board.
2. The General Index for the month of December 2012 stands at 179.3, which is 0.6pc lower as compared to the level in the month of December 2011. The cumulative growth for the period April-December 2012-13 over the corresponding period of the previous year stands at 0.7pc .
3. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2012 stand at 131.3, 191.3 and 157.6 respectively, with the corresponding growth rates of (-) 4.0pc , (-) 0.7pc and 5.2pc as compared to December 2011 (Statement I). The cumulative growth in the three sectors during April-December 2012-13 over the corresponding period of 2011-12 has been (-) 1.9pc , 0.7pc and 4.6pc respectively.
4. In terms of industries, twelve (12) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown negative growth during the month of December 2012 as compared to the corresponding month of the previous year (Statement II). The industry group 'Medical, precision and optical instruments, watches and clocks' has shown the highest negative growth of 27.4pc , followed by 24.0pc in 'Publishing, printing and reproduction of recorded media' and 20.8pc in 'Office, accounting and computing machinery'. On the other hand, the industry group 'Electrical machinery and apparatus n.e.c.' has shown a positive growth of 48.2pc followed by 18.8pc in 'Furniture; manufacturing n.e.c.' and 9.3pc in 'Coke, refined petroleum products and nuclear fuel'.
5. As per Use-based classification, the growth rates in December 2012 over December 2011 are 2.6pc in Basic goods, (-) 0.9pc in Capital goods and (-) 0.1pc in Intermediate goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of (-) 8.2pc and (-) 1.4pc respectively, with the overall growth in Consumer goods being (-) 4.2pc .
6. Some of the important items showing high negative growth during the current month over the same month in previous year include 'Block Board' [(-) 29.9pc ], 'Newspapers' [(-) 24.8pc ], 'Furnace Oil' [(-) 25.5pc ], 'Grinding wheels' [(-) 44.5pc ], 'Boilers' [(-) 24.5pc ], 'Stampings and Forgings' [(-) 34.8pc ], 'Razor Blades/Safety Blades' [(-) 23.5pc ], 'Fasteners (excl. Zip Fasteners)' [(-) 29.9pc ], 'Tractors' [(-) 21.0pc ], 'Plastic Machinery incl. Moulding Machinery' [(-) 22.3pc ], 'Telephone Instruments including Mobile Phones and Accessories' [(-) 21.1pc ] and 'Commercial Vehicles' [(-) 19.8pc ].
7. Some of the other important items showing high positive growth are: 'Molasses' (33.5pc ), 'Aerated Water and Soft Drinks' (65.0pc ), 'Gas, Liquefied Petroleum' (18.5pc ), 'Petroleum Coke' (64.9pc ), 'Carbon Steel' (23.7pc ), 'CR Sheets' (23.9pc ), 'Conductor, Aluminium' (82.3pc ), 'Cable, Rubber Insulated' (133.6pc ), 'Wood Furniture' (23.8pc ) and 'Gems and Jewellery' (24.5pc ).
8. Along with the Q.E. of IIP for the month of December 2012, the indices for November 2012 have undergone the first revision and those for September 2012 have undergone the final revision in the light of the updated data received from the source agencies. It may be noted that these revised indices (first revision) in respect of October 2012 shall undergo final (second) revision along with the release of IIP for the month of February 2013.