General Index of Industrial Production for May 2015, 2.7% higher compared to May 2014

Source: PIB, Government of India

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of May 2015 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 & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board. The General Index for the month of May 2015 stands at 180.0, which is 2.7% higher as compared to the level in the month of May 2014. The cumulative growth for the period April-May 2015-16 over the corresponding period of the previous year stands at 3.0%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2015 stand at 128.8, 187.5 and 195.0 respectively, with the corresponding growth rates of 2.8%, 2.2% and 6.0% as compared to May 2014 (Statement I). The cumulative growth in the three sectors during April-May 2015-16 over the corresponding period of 2014-15 has been 1.5%, 3.2% and 2.8% respectively. In terms of industries, twelve (12) out of the twenty two (22) industry groups ( as per 2-digit NIC-2004) in the manufacturing sector h ave shown positive growth during the month of May 2015 as compared to the corresponding month of the previous year (St atement II). The industry group ‘Wearing apparel; dressing and dyeing of fur’ has shown the highest positive growth of 15.8%, followed by 11.2% in ‘Furniture; manufacturing n.e.c.’ and 11.1% in ‘Coke, refined petroleum products & nuclear fuel’. On the other hand, the industry group ‘Radio, TV and communication equipment & apparatus’ has shown the highest negative growth of (-) 24.3%, followed by (-) 18.9% in ‘Office, accounting & computing machinery’ and (-) 9.2% in ‘Publishing, printing & reproduction of recorded media’. As per Use-based classification, the growth rates in May 2015 over May 2014 are 6.4% in Basic goods, 1.8% in Capital goods and 1.2% in Intermediate goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of (-) 3.9% and (-) 0.1% respectively, with the overall growth in Consumer goods being (-) 1.6%. Some of the important items showing high positive growth during the current month over the same month in previous year include ‘H R Sheets’ (242.9%), ‘Conductor, Aluminium’ (156.9%), ‘Lubricating oil’ (123.7%), ‘Copper and Copper Products’ (86.8%), ‘Wood furniture’ (64.1%), ‘Vitamins’ (34.5%), ‘Tea’ (29.2%) and ‘Carbon Steel’ (22.0%). Some of the other important items showing high negative growth are: ‘Woollen Carpets’ [(-) 43.7%], ‘Grinding Wheels’ [(-) 42.9%], ‘Viscose staple fibre raw’ [(-) 41.2%], ‘Ayurvedic Medicaments’ [(-) 34.5%], ‘Aerated Waters and Soft Drinks’ [(-) 31.6%], ‘Fruit Pulp’ [(-) 29.9%], ‘Telephone Instruments (incl. Mobile Phones & Accessories)’ [(-) 29.4%] and ‘Tractors (complete)’ [(-) 27.2%]. However, growth rates in respect of individual items may not reflect their actual contribution in the overall growth rate of IIP. Taking into account the weights of different items, the overall growth rate of IIP can be decomposed into positive and negative contributions of different items. Along with the Quick Estimates of IIP for the month of May 2015, the indices for April 2015 have undergone the first revision and those for February 2015 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 April 2015 shall undergo final (second) revision along with the release of IIP for the month of July 2015.      

July 10, 2015 | 6:47 pm IST.