Financial Daily from THE HINDU group of publications
Thursday, Mar 13, 2003
Financial Daily from THE HINDU group of publications Thursday, Mar 13, 2003 |
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Economy Industry & Economy - Economy Industry grows 6.4 pc in January Our Bureau
NEW DELHI, March 12 INDUSTRY continues to be on revival mode, with the official Index of Industrial Production (IIP) registering a healthy 6.4 per cent year-on-year growth during January, compared to 3.8 per cent in the same month last year. According to the `quick estimates' of IIP, released by the Central Statistical Organisation (CSO) here, the 6.4 per cent overall growth rate for January was led by `manufacturing', the index of which rose by 6.9 per cent (against 4.1 per cent in January 2002). The corresponding year-on-year growth for `mining' and `electricity' stood at 2.7 per cent (2.3 per cent) and four per cent (four per cent), respectively. For April-January 2002-03, the cumulative growth rate was higher not just for industry as a whole (5.5 per cent per cent versus 2.6 per cent during the first 10 months of 2001-02), but even for manufacturing (5.8 per cent versus 2.8 per cent), mining (5.4 per cent versus one per cent) and electricity (3.8 per cent versus 2.9 per cent). In other words, the revival seems to be across-the-board. The above trend also finds reflection in the growth rates derived from the `use-based' classification of the IIP. Production of capital goods - a proxy for investment activity in the economy - has gone up by 10.6 per cent during April-January 2002-03 (compared to minus 4.8 per cent in April-January 2001-02), with a similar increase being observed for basic goods (4.6 per cent versus 2.4 per cent), intermediate goods (3.1 per cent versus two per cent) and consumer non-durables (11.9 per cent versus 3.8 per cent). Only in the case of consumer durables, the growth has slowed down to minus 4.9 per cent against 12.5 per cent. For the latest recorded month of January 2003, the year-on-year growth rates stood at 11.6 per cent for capital goods, 4.8 per cent for basic goods, 7.3 per cent for intermediate goods, 7.2 per cent for consumer non-durables and 0.5 percentage point for consumer durables, with the corresponding figures in January 2002 being minus 4.7 per cent, 4.2 per cent, 2.5 per cent, 4.9 per cent and 15.5 per cent, respectively.
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