India Industrial Activity: IIP Growth Remains Lukewarm At 3% In March
India's industrial output grew at a steady pace in March. The Index of Industrial Production grew 3%, according to data published by the Ministry of Statistics and Programme Implementation on Monday.
A Bloomberg estimate projected India's factory activity to rise by 3.3%.
The revised IIP growth rate for February was 2.9% and for January was 5%.
Electricity production surged by 6,3%, as against 3.6% in the preceding month. Manufacturing activity, that comprises the largest component of the index, expanded on an annual basis by 3%, compared to 2.9% in the preceding month.
Mining slowed to 0.4%, versus a 1.6% increase in February.
Looking ahead, while there is some evidence as well as commentary around frontloading in exports to the US, "we need to see whether this is driven by redirection away from other geographies or a bump up in output in the ongoing month," Aditi Nayar, chief economist at ICRA said.
Industrial output, as classified by the end use of goods, grew as follows:
Primary goods grew 3.1% year-on-year in March versus 2.8% in the preceding month.
Capital goods grew 2.4% versus 8.2% in February.
Intermediate goods grew 2.3% versus 1% in the preceding month.
Infrastructure goods grew by 8.8% versus 6.8% last month.
Consumer durables grew by 6.6% versus 3.7% in the previous month.
Consumer non-durables output contracted by 4.7% versus a contraction of 2.1% in the previous month.
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