Index of Industrial Production (IIP) or factory output in India grew by 5% in the month of February. The government said that these are quick estimates and be revised later.
Index of Industrial Production (IIP) or factory output in India grew by 5% in the month of February. The government said that these are quick estimates and be revised later.
The growth in April to February 2014-15 period stood at 2.8%. The statement released by Ministry of Statistics & Programme Implementation said, "The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2015 grew by 2.5%, 5.2% and 5.9%, respectively, as compared to February 2014."
“The IIP results for the month of February are encouraging and on the expected lines as outlook for the industry has improved in the last few months. It is important that this positive sentiment and growth continues for the creation of additional jobs for our increasing labour force” said Dr A Didar Singh, Secretary General, FICCI.
The data showed that 15 out of 22 industry groups in the manufacturing sector showed positive growth in the month of February. "The industry group ‘Wearing apparel; dressing and dyeing of fur’ has shown the highest positive growth of 62.0%, followed by 35.8% in ‘Electrical machinery and apparatus n.e.c.’ and 19.6% in ‘Wood and products of wood & cork except furniture; articles of straw & plating materials’," the data showed.
'On the other hand, the industry group ‘Office, accounting & computing machinery’ has shown the highest negative growth of (-) 44.6%, followed by (-) 43.4% in ‘Radio, TV and communication equipment & apparatus’ and (-) 8.2% in ‘Other transport equipment’,' it said.
The government said that the indices for the month of January 2015 and November 2014 have been revised as respective sources punched in updated numbers.
“We hope to see further growth in manufacturing as a result of recent annmouncements in the budget and ceratin other measures announced by the Government. However, it is important that to sustain this growth interest rates are brought down further for stimulating investments and demand and more steps are taken to improve our business regulatory environment”, Singh added further.
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