IIP
Rural demand, government spending to drive growth in second half of FY25: ICICI Report
India's economic growth in the second half of this financial year will be driven by rural demand and government spending. The rural economy is gaining momentum. Consumer durables and non-durables are showing strong performance. The manufacturing sector is also exhibiting growth. However, there are signs of a slowdown in industrial growth.
Industrial output expands 3.1% in September on base effect, festivals
Excluding August performance, the September output growth was at a nine-month low. It had increased by 6.4% in September 2023. For the quarter ended September, IIP growth was at a seven-quarter low of 2.6% due to high base effect and weather vagaries. The growth was 4% in the first half of the current financial year, down from 6.2% in the corresponding period last year.
India's industrial production rebounds to 3.1% in September from 0.1% contraction in August
India's Index of Industrial Production (IIP) grew by 3.1% in September, a rebound from a 0.1% contraction in August. Economists had expected a growth of 2.5%. Manufacturing output rose by 3.9%, electricity generation increased by 0.5%, and mining activity saw a slight rise of 0.2%.
States endorse MoSPI plan for district surveys
India is gearing up to collect economic data at the district level, aiming to release gross district development figures by January 2026. This initiative, endorsed by all states, will encompass data on household consumption, employment, inflation, and more. The move aims to bolster the state statistical system and provide valuable insights for both government and private sector decision-making.
RBI's Shaktikanta Das said economic activity remains strong, warns October inflation print could be above 5.5%
RBI Governor Shaktikanta Das stated that India's economy remains robust but warned of escalating inflation, potentially surpassing September's 5.5%. He indicated that high inflation might deter interest rate cuts in the upcoming December policy review. Das also highlighted the resilience of India's financial sector and its ability to withstand global economic fluctuations.
India Inc's Q2 show is scary? Shaktikanta Das says he won't 'rush' to say economy is slowing
RBI Governor Shaktikanta Das affirmed India's economic activity remains robust, particularly in agriculture and services. Despite mixed data and concerns over slowing urban consumption, Das highlighted positive indicators like the rebound in manufacturing and services PMIs, supporting the RBI's 7.2% growth forecast for the fiscal year.
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MoSPI shifts CPI and IIP release time to align with market closing hours
India's Ministry of Statistics and Programme Implementation (MoSPI) has shifted the release time for the Consumer Price Index (CPI) and Index of Industrial Production (IIP) to 4:00 PM from 5:30 PM. This change aims to align data dissemination with the closing hours of major markets in India, ensuring it doesn't interfere with active trading.
MoSPI shifts CPI and IIP release time
India's Ministry of Statistics and Programme Implementation is changing the release time for key economic data. The Consumer Price Index and Index of Industrial Production will now be released at 4 pm on the 12th of each month. This new time aligns with the closing of major financial markets in India. The ministry aims to enhance transparency and accessibility with this change.
Core sector growth rebounds to 2% in Sept after Aug setback
India's core sector output grew by 2% in September, up from the 1.6% recorded in August. Five of the eight sectors, including cement and refinery products, saw growth. Cement had the highest year-on-year growth at 7.1%. The overall growth in these sectors during the first half of the financial year was lower than the same period last year.
India's core sectors grow 2% in September
In September 2024, India's eight core sectors' output growth increased by 2%, with significant positive growth in Cement, Refinery Products, Coal, Fertilizers, and Steel. However, the crude oil sector experienced a 3.9% decline. The data, presented by the Ministry of Commerce and Industry, highlights variations in the performance of these essential industries.
India's external assets grew faster than liabilities: RBI report
India's external assets have increased by USD 108.4 billion from June 2023 to June 2024, while liabilities grew by USD 97.7 billion, according to the RBI. This has resulted in a slightly improved net International Investment Position, now at negative USD 368.3 billion, showing a positive trend in financial stability.
RBI report shows India's forex reserves cover stands at 11.2 months of imports
India's foreign exchange reserves covered 11.2 months of imports as of June 2024, down from 11.3 months in March. Short-term debt rose to 20.3% of reserves, while volatile capital flows increased slightly to 70.1%. External assets and liabilities grew by USD 108.4 billion and USD 97.7 billion respectively.
Industrial production contracts for first time in nearly 2 years
India's industrial output dropped by 0.1% in August, marking the first contraction in 22 months due to an unfavourable base and declines in mining and electricity. Industrial growth for the current financial year's first five months was 4.2%. Economists expect a recovery with the monsoon and festive season boosting rural demand and consumption.
India's industrial production contracts 0.1 per cent in August 2024
India's Index of Industrial Production (IIP) contracted by 0.1 per cent in August on an annual basis, following a 4.7 per cent growth in July. Mining, manufacturing, and electricity sectors saw mixed results, with mining and electricity contracting while manufacturing grew slightly. Heavy rainfall is likely to have impacted the mining sector. Various use-based sectors also experienced different growth rates.
India's industrial production grows at 4.8 per cent in July 2024
India's Index of Industrial Production (IIP) grew by 4.8% in July, up from 4.2% in June, according to MoSPI data. Mining, manufacturing, and electricity sectors saw growth rates of 3.7%, 4.6%, and 7.9% respectively. Capital goods surged by 12%, while consumer durables and non-durables faced declines.
India's core sector grows at 6.1 per cent in July
India's core sector output grew by 6.1 per cent in July, down from 8.5 per cent a year ago. Growth was seen in steel, electricity, coal, refinery products, cement, and fertilizers. However, crude oil and natural gas production declined. The cumulative growth from April to July 2024 stood at 6.1 per cent compared to last year.
Factory output growth at 5-month low in June
Data released by the Ministry of Statistics and Programme Implementation showed that the growth of manufacturing, which comprises two-thirds of the index, almost halved to a seven month low of 2.6% in June from 5% in May. Electricity and mining grew 8.6% and 10.3% on-year, respectively in June.
India's industrial production eases to 4.2% in June from 6.2% in May
India's Index of Industrial Production (IIP) increased by 4.2% in June, up from 6.2% in May, according to data from the Ministry of Statistics and Programme Implementation. Factory output growth reached 4.0% in June 2023, a slight increase from the previous high.
Core growth drops to 20-month low of 4 per cent
The Index of Eight Core Industries -coal, crude oil, steel, cement, electricity, fertilisers, refinery products and natural gas - has a 40% weight in the Index of Industrial Production (IIP). The index was up 8.4% in June 2023. Sequentially, the output contracted 3.1% in June. "With the dip in the core sector growth, we expect the IIP to post a rise of 3.5-5.0% in June 2024," said Aditi Nayar, Chief Economist, ICRA.
India's key infra sectors' growth slows to 4% in June
In June, growth of India's eight core sectors slowed to 4%, down from 6.3% in May and 8.2% a year earlier. Despite overall slower growth, several sectors showed positive trends: coal production rose by 14.8%, electricity generation by 7.7%, steel by 2.7%, natural gas by 3.3%, cement by 1.9%, and fertilizers by 2.4%. Conversely, refinery products saw a 1.5% decline, and crude oil production fell by 2.6%.
India's industrial production beats estimates; growth seen at 5.9% YoY in May
India's Index of Industrial Production (IIP) increased by 5.9% in May, up from 5% in April, according to data from the Ministry of Statistics and Programme Implementation. The government reported factory output growth of 5.7% in May 2023, a slight increase from the previous high of 11.9% in October 2023.
Core infra sectors grow 6.3% in May, maintain 6%-plus expansion for fourth straight month
Core infrastructure industries maintained growth above 6% for the fourth consecutive month in May, with notable increases in power generation and coal output. However, sectors like fertiliser and cement production witnessed contractions. Overall, the growth trajectory in the first two months of the fiscal year remains positive.
Inflation cools in May, IIP dips in April
Economists contend that despite the marginal drop in consumer inflation, the Reserve Bank of India (RBI) will keep rates on hold until the second half of the year until there is clarity on food inflation risks. Retail inflation was 5% in April while food inflation printed at 8.7% in the month. Industrial production grew 5.4% in March.
Industrial production declines to a three-month low of 5% in April
India's Index of Industrial Production (IIP) slowed to 5% in April, a three-month low from 5.4% in March, according to data from the Ministry of Statistics and Programme Implementation (MoSPI). The growth rate was 4.6% in April 2023, a decrease from the previous high of 11.9% in October 2023. The three sectors with the highest growth rates in April 2024 were Mining, Manufacturing, and Electricity.
April core sector grows 6.2%, IIP seen 6-6.5%
India's eight core infrastructure sector, including coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, grew 6.2% in April, up from 6% in the previous month. The sector's output slowed to 7.6% in FY24, with coal output up 7.5% and electricity generation rising 9.4%. Fertilizer production contracted 0.8% for the fourth consecutive month.
India's core sector growth rises 6.2% in April
India's index of eight core sectors saw a 6.2% annual growth in April, following a 6.6% growth in March. The eight sectors had grown 4.6% in April 2023. The production of electricity, natural gas, coal, steel, refinery products, crude oil, and cement showed positive growth. However, coal sector output decreased by 7.5% YoY, while crude oil sector saw a 1.6% growth.
IIP growth eases to 4.9% in March but grows faster at 5.8% in FY24
Among the three major industries, manufacturing and electricity recorded a faster pace of growth in March compared with the previous month, expanding 5.2% and 8.6% compared with 4.9% and 7.5% in February. On the other hand, mining activity eased sharply to 1.2% from 8.1% in the previous month.
India's Industrial Production growth rate slows to 4.9% in March 2024
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 5.2 per cent in March 2024, from 5 per cent in February.??
Core sector growth eases to 5.2% in March
India's core sector growth slowed to 5.2% in March 2024, impacted by various industries. The Index of Industrial Production (IIP) is likely to see a moderate growth of 3.5-5% in the same month. The slow growth in eight core industries ¡ª cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel ¡ª which have a 40% weight in the Index of Industrial Production (IIP), is likely to lead to slower industrial growth as well.
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