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Industrial production higher in Feb; beats estimates

Industrial production higher in Feb; beats estimates
The Index for Industrial Production (IIP) data for the month of Feb 2013 has come in at 0.6 per cent (year on year), as against analysts expectations of a negative reading.

"The General Index for the month of February 2013 stands at 176.2, which is 0.6% higher as compared to the level in the month of February 2012. The cumulative growth for the period April-February 2012-13 over the corresponding period of the previous year stands at 0.9%," a PIB release states.

Mining, Manufacturing and Electricity sectors for the month of February 2013 have seen growth growth rates of -8.1 per cent, 2.2 per cent and -3.2 per cent as compared to February 2013.

The cumulative growth in the three sectors during April-February 2012-13 over the corresponding period of 2011-12 has been (-) 2.5%, 1.0% and 4.0% respectively.

In terms of industries, 13 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month of February 2013 as compared to the corresponding month of the previous year.

The industry group ‘Electrical machinery and apparatus has shown the highest positive growth of 73 per cent, followed by 18.5 per cent in ‘Wearing apparel; dressing and dyeing of fur' and 12.6 per cent in ‘Luggage, handbags, saddlery, harness & footwear; tanning and dressing of leather products'. On the other hand, the industry group ‘Medical, precision & optical instruments, watches and clocks' has shown a negative growth of 27.6 per cent followed by 25.6 per cent in ‘Publishing, printing and reproduction of recorded media' and 17.8 per cent in ‘Motor vehicles, trailers & semi-trailers'.

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