Slowdown in industrial activity continues; July IIP at 0.1%

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 Slowdown in industrial activity continues; July IIP at 0.1%
The index for industrial production (IIP) for July 2012, has come in at 0.1%, as against 3.1% reported in the corresponding period of last year, confirming a sharp slowdown in industrial activity.

Analysts were largely expecting the IIP figure to come in at 0.3%.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2012 stand at 123.2, 177.1 and 156.3 respectively, with the corresponding growth rates of (-)0.7%, (-)0.2% and 2.8% as compared to July 2011.

The cumulative growth in the three sectors during April-July 2012-13 over the corresponding period of 2011-12 has been (-) 0.9%, (-) 0.6% and 5.5% respectively.

In terms of industries, eight (8) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown positive growth during the month of July 2012 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Publishing, printing & reproduction of recorded media' has shown the highest growth of 17.0%, followed by 12.5% in ‘Machinery and Equipment n.e.c.' and 8.3% in ‘Textiles'.

On the other hand, the industry group ‘Electric machinery and apparatus n.e.c.' has shown a negative growth of 12.8% followed by 12.2% in ‘Office, accounting and computing machinery' and 11.5% in ‘Furniture; manufacturing n.e.c.'

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