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Industrial production for Oct surges to 8.2%

 Industrial production for Oct surges to 8.2%
The Index for Industrial Production (IIP) surged to a better than expected 8.2% for October, confirming analysts expectations of a rebound in industrial activity.

"The General Index for the month of October 2012 stands at 171.3, which is 8.2% higher as compared to the level in the month of October 2011. The cumulative growth for the period April-October 2012-13 over the corresponding period of the previous year stands at 1.2%," a press release from PIB states.

Economists and analysts were largely expecting the IIP to come in at around 4%.

In terms of industries, seventeen out of the twenty two industry groups in the manufacturing sector have shown positive growth during the month of October 2012 as compared to the corresponding month of the previous year .

The industry group ‘Electrical machinery & apparatus have shown the highest growth of 27.4%, followed by 25.9% in ‘Motor vehicles, trailers & semi-trailers' and 22.2% in ‘Coke, refined petroleum products & nuclear fuel'.

On the other hand, the industry group ‘Tobacco products' has shown a negative growth of 8.7% followed by 6.4% in ‘Office, accounting and computing machinery' and 6.1% in ‘Wood and products of wood & cork except furniture; articles of straw & plating materials'.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2012 stand at 122.5, 181.9 and 160.5 respectively, with the corresponding growth rates of (-) 0.1%, 9.6% and 5.5% as compared to October 2011. The cumulative growth in the three sectors during April-October 2012-13 over the corresponding period of 2011-12 has been (-) 0.7%, 1.0% and 4.7% respectively.

The sharp rebound in industrial activity is welcome relief for the industry which has been grappling with slow growth rates for the last few quarters.

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