March IIP rises to 2.5%; capital goods growth supports

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March IIP rises to 2.5%; capital goods growth supports
Led by a strong growth in the manufacturing sector, the March 2013 IIP data has come in at 2.5 per cent, against estimates of around 2 per cent.

Capital goods led the recovery with a growth of 6.9 per cent, compares to -20.1 per cent, year on year. Manufacturing growth has come in at 3.6 per cent, as against - 3.6 per cent, year on year.

The IIP for the entire financial year 2013 has come in at a modest 1 per cent.

IIP is one of the important figures watched by the RBI to see if industrial activity is improving. This helps the RBI to decide on interest rate cuts.

"In terms of industries, 10 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month of March 2013 as compared to the corresponding month of the previous year," a government release has stated.

Some of the important items showing high positive growth during the current month over the same month in previous year include ‘Cigarettes' (28.4%), ‘Woollen Carpets' (83.1%), ‘Apparels' (175.0%), ‘Leather Garments' (49.9%), ‘Fuel, Aviation Turbine' (33.1%), ‘Propylene' (29.6%), ‘Ethylene' (40.3%), ‘Air Conditioner (Room)' (37.9%), ‘Conductor, Aluminium' (45.0%) and ‘Cable, Rubber Insulated' (247.3%).

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