Industrial Production Growth declined to 2 Percent in April 2013
Industrial production growth declined to 2 per cent in April 2013 due to dismal performance of various sectors.
Industrial production growth declined to 2 per cent in April 2013. The fall is attributed to dismal performance of the manufacturing, mining and power sectors coupled with lower output of capital goods. Factory output measured in terms of the index of industrial production or IIP had seen a contraction of 1.3 per cent in April 2012.
Meanwhile, the IIP growth rate for March 2013 was revised to 3.4 per cent from the provisional estimate of 2.5 per cent released in May 2013. Industrial growth in 2012-13 was revised slightly upwards to 1.1 per cent from the provisional estimates of 1 per cent released in May 2013. IIP growth in 2011-12 was 2.9 per cent.
The manufacturing sector, which constitutes over 75 per cent of the index, grew by a meagre 2.8 per cent in April 2013 against a decline in the output by 1.8 per cent in the year-ago month. Power generation grew by just 0.7 per cent in April 2013 compared to a growth of 4.6 per cent in April 2012.
Mining sector output contracted by 3 per cent in April 2013 compared to a decline in production by 2.8 per cent in April 2012. Capital goods output saw a growth of just one per cent in April 2013. Overall, 13 out of the 22 industry groups in the manufacturing sector have shown positive growth during April 2013.