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IIP growth gains pace, at 6.3%

Oct 13, 1999

According to quick estimates released by the Central Statistical Organisation, the index of industrial production (IIP) has posted a growth of 6.3% in August against the corresponding period previous year.

source CMIE and CSO

The figures released highlight that all the three main sub groups of the index-manufacturing, mining and electricity, have posted higher growth rates during the month of August. The output grew by 6.1% YoY (4.5%) in the manufacturing sector, 1.9% YoY (0.6%) in the mining sector and 10.9% YoY (6.8%) in the electricity sector.

The growth in index of industrial production has once again underscored the fact that the Indian economy is gaining pace. The comforting factor this time is that all the major sub groups have posted a healthy rise in output, as against the growth in the previous month when electricity production actually registered a decline.

A look at the use based classification reveals that consumer durables (12.3%), machinery and equipment (20%) and capital goods (10.4%) production have registered significant increases in output. The pick up in capital goods output could indicate that there is a pick up in investment activity. The sectors that continue to disappoint include rubber, plastic, petroleum and coal products.

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