Report Wire

Tag: index of industrial production

  • IIP Data September: India’s industrial output climbs 3.1% in Sep, says Govt knowledge

    September IIP Data Today: The nation’s index of commercial manufacturing (IIP) grew 3.1 per cent to 133.5 within the month of September, knowledge launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed on Friday.

    The IIP had risen 4.4 per cent in September 2021, the information confirmed.

    The industrial development to date within the fiscal 12 months 2021-22 (April-September) has witnessed an increase of seven.0 per cent, in comparison with 23.8 per cent rise within the corresponding interval a 12 months in the past, the information confirmed.

    The development in IIP knowledge throughout September is led by all of the sectors. The mining sector rose 4.6 per cent on-year to 99.5 in September, the manufacturing sector witnessed a development of 1.8 per cent to 134.3 and the electrical energy sector rallied 11.6 per cent to 187.4, the MoSPI knowledge confirmed.

    In September final 12 months, the manufacturing sector had witnessed a development of 4.3 per cent. During the identical month, the mining sector had risen 8.6 per cent whereas the electrical energy sector had gained 0.9 per cent, the information confirmed.

    More to comply with

  • Food costs gasoline retail inflation to 7%; IIP at 4-month low

    BUCKING THE downtrend of three months, retail inflation rose to 7 per cent in August, marking the eight consecutive month above the higher threshold of the Reserve Bank of India’s goal of 4 +/- 2 per cent, and nearly three years (35 months) of staying above 4 per cent, in accordance with knowledge launched by the National Statistical Office (NSO) on Monday.

    The inflation charge picked up on the again of an increase in meals costs, particularly of fruits, greens, spices, cereals, wheat, milk and ready meals, with the next tempo recorded for rural areas than city areas.

    In a individually launched dataset by NSO, the Index of Industrial Production (IIP) moderated to a four-month low of two.4 per cent in July as towards a development of 11.5 per cent a 12 months in the past, with tepid development in manufacturing, mining and electrical energy. The industrial output contracted from the earlier month by 2.75 per cent.

    Food inflation, as measured by mixed meals worth index, rose to 7.62 per cent in August from 6.69 per cent a month in the past and three.11 per cent a 12 months in the past.

    Inflation in rural areas stood at 7.15 per cent in August, increased than the inflation in city areas at 6.72 per cent, with meals inflation at 7.6 per cent and seven.55 per cent, respectively. Cereals inflation rose to 9.57 per cent in August from 6.90 per cent final month, whereas greens inflation elevated to 13.23 per cent from 10.90 per cent. Spices additionally recorded a double-digit inflation at 14.90 per cent in August, up from 12.89 per cent final month.

    “Wheat inflation is in double digits due to the unexpected heat wave, which pulled down the wheat output this year. Now, lower areas sown under paddy due to the shortfall in monsoon rainfall in the gangetic plain and neighbouring states is expected to reduce the paddy output. This points towards inflation in cereals remaining at elevated levels,” Sunil Kumar Sinha, Principal Economist, India Ratings and Research, mentioned.

    “Also higher cereals inflation in rural areas compared to urban areas since June 2021 is having an adverse impact on rural demand at a time when nominal rural wage growth is lower than rural inflation. This implies squeezing of rural household purchasing power, which is getting reflected in the subdued growth in the consumer non-durables segment. The output in this segment declined by 2 per cent in July 2022,” Sinha mentioned.

    Among states, the best inflation charge in August was recorded by West Bengal (8.94 per cent), Gujarat (8.22 per cent) and Telangana (8.11 per cent).

    The Finance Ministry mentioned after the info launch that the rise in inflation is “attributable both to an adverse base effect and an increase in food and fuel prices”. It mentioned that core inflation — headline inflation excluding meals and gasoline — was at 5.9 per cent in August, remaining “below the tolerance limit of 6 per cent” for the fourth consecutive month. “Despite erratic monsoons and negative seasonality in vegetable prices, food inflation in August is still lower than the April peak of the current year. With global inflation pressures, inflationary expectations remain anchored in India with stable core inflation…Government has prohibited exports of food products like wheat flour/atta, rice, maida, etc to keep domestic supplies steady and curb rise in prices. The impact of these measures is expected to be felt more significantly in the coming weeks and months,” it mentioned.

    With this inflation print, the RBI is one month in need of overshooting its goal for 3 consecutive quarters. The RBI is planning to carry a particular assembly of the Monetary Policy Committee in October after the subsequent inflation print comes on October 12. As per the mandate of the financial coverage framework, if the common inflation charge breaches the 2-6 per cent goal for 3 consecutive quarters, the central financial institution must clarify the explanations for the breach within the inflation goal to the Government.

    Going forward, cereals inflation, weak spot in foreign money, elevated international commodity costs, pick-up in companies demand and revision of pure fuel costs are anticipated to weigh on retail inflation charge and therefore, more likely to lead to extra charge hikes by the RBI.

    “We expect the CPI inflation print to rise slightly to 7.1 per cent in September 2022, implying a marginal undershooting in Q2 FY2023 vis-à-vis the MPC’s projection of 7.1 per cent for the quarter,” Aditi Nayar, Chief Economist, ICRA mentioned.

    “Notwithstanding the undershooting in the GDP growth relative to the MPC’s projections for Q1 FY2023, and the expectation of a slightly lower-than-projected CPI inflation print for Q2 FY2023, we now foresee a higher likelihood that the MPC will stick to the new normal rate hike of 50 bps in its September 2022 meeting, with the headline inflation having reversed to 7 per cent in August 2022,” Nayar mentioned.

    In the manufacturing facility output knowledge launched by the NSO, manufacturing sector output, which accounts for greater than three-fourth of the entire weight of the IIP, rose 3.2 per cent in July as towards 10.5 per cent development a 12 months in the past and 13 per cent a month in the past.

    Mining sector output contracted 3.3 per cent in July, whereas electrical energy output grew at 2.3 per cent. Capital items output grew 5.8 per cent in July as towards a development of 30.3 per cent a 12 months in the past and 29.1 per cent a month in the past. Consumer durables output grew 2.4 per cent, whereas non-durables contracted 2.0 per cent in July.

    Newsletter | Click to get the day’s greatest explainers in your inbox

    “The IIP growth plunged to a four month low of 2.4 per cent in July 2022, trailing our expectation of 4 per cent, an unfortunate but expected fallout of the base normalisation, heavy rainfall in some areas, and the shift in discretionary consumption to contact-intensive services. The sharp YoY contraction in mining output in July 2022 was a surprise, given the double-digit growth in coal output, and is likely to have been led by the excess rainfall seen during the month. Industrial output was only 2.1 per cent higher than pre-Covid levels of July 2019, with the consumer durables and non-durables segment lagging their pre-Covid levels by 6.8 per cent and 2.5 per cent, respectively,” Nayar mentioned.

    While provide disruptions are slowly easing, the weakening international development outlook might weigh on India’s export orders, impacting industrial output over the approaching months, Rahul Bajoria, Chief India Economist, Barclays, mentioned. A robust restoration in home demand will stay a key supply of help for India’s industrial output within the coming months, he mentioned.

  • Industrial manufacturing information to be launched in the present day

    The authorities will on Monday night launch the keenly-watched manufacturing facility output information for the month of July.

    The manufacturing facility output measured by way of Index of Industrial Production (IIP) grew 12.3 per cent in June this yr, remaining in double digit for second month in a row on account of base impact.

    Industrial manufacturing grew by 13 per cent in August final yr. Thereafter, the IIP development remained under 4.4 per cent (in September) and touched the bottom degree of 1 per cent in November in addition to December final yr.

    The IIP development was 2 per cent in January, 1.2 per cent in February and a couple of.2 per cent in March.

    The industrial output development picked tempo at 6.7 per cent in April, the primary month of present fiscal yr 2022-23 and touched double digit at 19.6 per cent in May 2022.

    The IIP development was recorded at 27.6 per cent in May final yr, primarily as a result of low-base impact.

    This macroeconomic information is necessary for policymakers because it showcases the present state of producing, mining and different necessary sectors.

    Releasing the IIP information for June final month, Ministry of Statistics and Programme Implementation had stated the expansion charges over corresponding interval of earlier yr are to be interpreted contemplating the weird circumstances on account of the pandemic since March 2020.

    The Quick Estimates of IIP are launched on the twelfth of each month (or earlier working day if twelfth is a vacation) with a six-week lag.

    They are compiled from information acquired from supply businesses, which in flip obtain the inputs from the manufacturing factories/ institutions.

  • CPI Inflation Rate July, IIP Growth Rate June 2022: Retail inflation eases to 5-month low of 6.71% in July, IIP grows 12.3% in June

    India CPI Inflation Rate July, IIP Growth Rate June 2022: India’s retail inflation, which is measured by the Consumer Price Index (CPI), eased to a 5-month low 6.71 per cent within the month of July, down from 7.01 per cent in June. Separately, India’s manufacturing facility output, measured by the Index of Industrial Production (IIP), witnessed a development of 12.3 per cent in June, two separate information launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed on Friday.

    Despite declining to its lowest degree since February 2022, the CPI continues to stay above the Reserve Bank of India’s (RBI) higher margin of 6 per cent for the seventh consecutive month. The authorities has mandated the central financial institution to take care of retail inflation at 4 per cent with a margin of two per cent on both facet for a five-year interval ending March 2026.

    The CPI information is principally factored in by the RBI whereas making its bi-monthly financial coverage. In a bid to test the raging inflation, the Monetary Policy Committee (MPC) of the central financial institution final week hiked the repo charge by 50 foundation factors (bps) to five.40 per cent.

    While saying the choices of the MPC assembly final week, RBI Governor Shaktikanta Das had mentioned that retail inflation stays uncomfortably excessive and famous that inflation is anticipated to stay above 6 per cent. He mentioned that the inflation projection of the central financial institution is retained at 6.7 per cent in 2022-23, with Q2 at 7.1 per cent; Q3 at 6.4 per cent; and This fall at 5.8 per cent, and dangers evenly balanced.

     

    More to comply with

  • Retail inflation eases to 7.01% in June; IIP grows 19.6% in May, reveals govt knowledge

    India CPI Inflation, IIP Growth Rate: The nation’s retail inflation, which is measured by the Consumer Price Index (CPI), rose to 7.01 per cent within the month of June. Separately, India’s manufacturing facility output, measured when it comes to Index of Industrial Production (IIP), witnessed a development of 19.6 per cent in May, two separate knowledge launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed on Tuesday.

    The retail inflation for the month of May was 7.04 per cent.

    This is the sixth consecutive month that the CPI knowledge has breached the Reserve Bank of India’s (RBI) higher margin of 6 per cent. The authorities has mandated the central financial institution to keep up retail inflation at 4 per cent with a margin of two per cent on both aspect for a five-year interval ending March 2026.

    The CPI knowledge is especially factored in by the RBI whereas making its bi-monthly financial coverage. The central financial institution has forecast that inflation is anticipated to be above seven per cent – a lot above the RBI’s consolation degree — within the first two quarters of the present fiscal.

    In its earlier two conferences, the Monetary Policy Committee (MPC) of RBI has hiked the benchmark repo price by a cumulative 90 foundation factors (bps). It raised the repo price by 40 bps in an off-cycle assembly in May and by 50 bps in its June assembly.

    The Consumer Food Price Index (CFPI) or the inflation within the meals basket additionally eased on-month throughout June to 7.75 per cent, from 7.97 per cent in May, the information revealed.

    Prices of greens surged 17.37 per cent on yr in June. Apart from this, the oils and fat costs noticed an increase of 9.36 per cent whereas that meat and fish gained 8.61 per cent and spices rose 11.04 per cent. Milk and merchandise spiked 6.08 per cent final month whereas cereals and merchandise climbed 5.66 per cent. However, egg costs fell (-)5.48 per cent whereas pulses and merchandise dipped (-)1.02 per cent.

    Apart from meals and drinks, the gasoline and light-weight phase rose 10.39 per cent, clothes and footwear gained 9.52 per cent, housing phase inched up 3.93 per cent and the pan, tobacco and intoxicants rose 1.83 per cent.

    Industrial output (IIP)

    India’s manufacturing facility output, which is measured when it comes to IIP witnessed a pointy development of 19.6 per cent year-on-year to 137.7 through the month of May, separate knowledge launched by the MoSPI confirmed.

    The IIP had surged 27.6 per cent in May 2021, the information confirmed.

    The industrial development to this point within the first two months of the fiscal yr 2022-23 (April-May) has risen 12.9 per cent, in comparison with a surge of 67.3 per cent rise within the corresponding interval a yr in the past, the information confirmed.

     

    More to observe

  • Retail inflation spikes to six.95% in Mar; IIP grows 1.7% in Feb, reveals govt knowledge

    India CPI Inflation, IIP Growth Rate: The nation’s retail inflation, which is measured by the Consumer Price Index (CPI), rose to six.95 per cent within the month of March. Separately, India’s manufacturing facility output, measured when it comes to Index of Industrial Production (IIP), witnessed a progress of 1.7 per cent in February, two separate knowledge launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed on Tuesday.

    The retail inflation for the month of February was 6.07 per cent.

    This is the third consecutive month that the CPI knowledge has breached the Reserve Bank of India’s (RBI) higher margin of 6 per cent. The authorities has mandated the central financial institution to take care of retail inflation at 4 per cent with a margin of two per cent on both aspect for a five-year interval ending March 2026.

    The CPI knowledge is especially factored in by the RBI whereas making its bi-monthly financial coverage. Last week, the Monetary Policy Committee (MPC) of the central financial institution unanimously determined to maintain the repo fee unchanged for the eleventh time in a row at 4 per cent whereas sustaining an ‘accommodative stance’ however added that it’s going to begin specializing in withdrawing this stance to rein in inflation whereas supporting progress.

    During the assembly held final week, RBI projected CPI inflation at 5.7 per cent throughout the monetary yr 2022-23 with Q1 at 6.3 per cent, Q2 at 5.8 per cent, Q3 at 5.4 per cent and This fall at 5.1 per cent.

    RBI Governor Shaktikanta Das in his speech mentioned that given the extreme volatility in international crude oil costs since late February and the intense uncertainty over the evolving geopolitical tensions, any projection of progress and inflation is fraught with danger, and is essentially contingent upon future oil and commodity value developments.

    The Consumer Food Price Index (CFPI) or the inflation within the meals basket additionally spiked on-month throughout March to 7.68 per cent, from 5.85 per cent in February, the info revealed.

    More to observe

  • IIP Data January 2022: India’s industrial output climbs 1.3% in Jan, says Govt information

    IIP Data January 2022: The nation’s index of business manufacturing (IIP) grew 1.3 per cent to 138.4 within the month of January, information launched by the Ministry of Statistics & Programme Implementation (MoSPI) on Friday confirmed.

    The IIP had slipped (-)0.6 per cent in January 2021, the information confirmed.

    The industrial development thus far within the fiscal yr 2021-22 (April-January) has grown 13.7 per cent, in comparison with a contraction of (-)12.0 per cent rise within the corresponding interval a yr in the past, the information confirmed.

    The development in IIP information throughout January is led by all of the sectors. The mining sector rose of two.8 per cent on-year to 124.7 in January, the manufacturing sector witnessed a development of 1.1 per cent to 138.1 and the electrical energy sector climbed 0.9 per cent to 165.6, the MoSPI information confirmed.

    In January final yr, the manufacturing sector had witnessed a contraction of (-)0.9 per cent. During the identical month, the mining sector had slipped (-)2.4 per cent whereas the electrical energy sector had witnessed an increase of 5.5 per cent, the information confirmed.

    Now, amongst used primarily based items, the first items output rose 1.6 per cent in January this yr, whereas that of capital items slipped (-)1.4 per cent. Intermediate items output rose 0.9 per cent and infrastructure/building items climbed 5.4 per cent, whereas shopper durables rose by 3.3 per cent and shopper non-durables grew 2.1 per cent, as per the information.

  • IIP December 2021: India’s industrial output rises 0.4% in December, Govt information reveals

    IIP Data December 2021: The nation’s index of commercial manufacturing (IIP) inched up 0.4 per cent year-on-year to 138.0 within the month of December, in keeping with the info launched by the Ministry of Statistics & Programme Implementation (MoSPI) on Friday.
    The IIP had risen 2.2 per cent on-year to 137.4 in December 2020, the info confirmed.
    The industrial development to this point within the fiscal 12 months 2021-22 (April-December) has surged 15.2 per cent, in comparison with a contraction of (-)13.3 per cent within the corresponding interval a 12 months in the past, the info confirmed.
    More to comply with

  • Retail inflation spikes to five.59% in Dec; IIP grows 1.4% in Nov: Govt information

    India CPI Inflation, IIP Growth Rate: The nation’s retail inflation, which is measured by the Consumer Price Index (CPI), rose to five.59 per cent within the month of December. Separately, India’s manufacturing facility output, measured when it comes to Index of Industrial Production (IIP), witnessed a progress of 1.4 per cent in November, two separate information launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed on Wednesday.
    The retail inflation for the month of November was 4.91 per cent.
    The December CPI information has come inside the Reserve Bank of India’s (RBI) higher margin of 6 per cent. The authorities has mandated the central financial institution to keep up retail inflation at 4 per cent with a margin of two per cent on both aspect for a five-year interval ending March 2026.
    The CPI information is principally factored in by the RBI whereas making its bi-monthly financial coverage. Last month, the Monetary Policy Committee (MPC) of the central financial institution stored the repo charge unchanged for the ninth time in a row at 4 per cent whereas sustaining an ‘accommodative stance’ so long as mandatory.

    During the final assembly, RBI maintained the projected CPI inflation at 5.3 per cent through the ongoing monetary yr 2021-22. It estimated CPI inflation at 5.7 per cent in This autumn with dangers broadly balanced.
    The Consumer Food Price Index (CFPI) or the inflation within the meals basket additionally spiked on-month throughout December to 4.05 per cent, from 1.87 per cent in November, the info revealed.
    More to comply with

  • IIP October 2021: India’s industrial output rises 3.2% in Oct, Govt knowledge exhibits

    IIP Data October 2021: The nation’s index of commercial manufacturing (IIP) grew 3.2 per cent to 133.7 within the month of October, in response to the info launched by the Ministry of Statistics & Programme Implementation (MoSPI).
    The IIP had risen 4.5 per cent in October 2020, the info confirmed.
    The industrial progress to date within the fiscal yr 2021-22 (April-October) has grown 20.0 per cent, in comparison with a contraction of (-)17.3 per cent rise within the corresponding interval a yr in the past, the info confirmed.
    The rise in IIP knowledge throughout October is primarily led by the mining and electrical energy sectors. The mining sector noticed an increase of 11.4 per cent on-year to 109.7 in October, whereas the electrical energy sector witnessed a progress of three.1 per cent to 167.3. The manufacturing sector too rose 2.0 per cent to 134.7, the MoSPI knowledge confirmed.
    In October final yr, the manufacturing sector had witnessed a progress of 4.5 per cent. During the identical interval, the mining sector had slipped (-)1.0 per cent and the electrical energy sector had witnessed a progress of 11.2 per cent, the info confirmed.
    Among used based mostly items, the first items output rose 9.0 per cent in October this yr, whereas that of capital items slipped (-)1.1 per cent. Intermediate items output rose 2.1 per cent and infrastructure/building items climbed 5.3 per cent, whereas client durables fell by (-)6.1 per cent and client non-durables grew 0.5 per cent, as per the info.