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India's factory output in August highest in nine months

13 October, 2017, 00:36 | Author: Paula Vaughn
  • Double boost for economy Industrial output growth rebounds inflation cools

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2017 stand at 92.7, 123.3 and 155.4 respectively, with the corresponding growth rates of 9.4%, 3.% and 8.3% as compared to August 2016.

According to official data, India's retail inflation had swelled to a five-month high of 3.36% in August on costlier vegetables and fruits. The rate continues to be below 4 per cent, the mid-term target set by the Reserve Bank of India (RBI).

Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country's business landscape.

The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7% for 2017-18, blaming the lingering disruptions caused by demonetisation of high value currencies a year ago and the roll out of the GST.

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Ms. Nayar said appreciable strengthening of the industrial growth in August 2017 from the mild 0.94% in July 2017 was on expected lines, as restocking of manufactured items gained steam following the introduction of the GST and prior to the festive season.

Primary goods' production grew sharply at 7.1 percent in August as compared with 2.3 percent jump last month. At least 10 industry groups showed growth in manufacturing sector.

The government today revised July's factory output growth to 0.9 percent in July, as compared with an earlier estimate of 1.2 percent.

The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.

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