Published on 13/10/2021 9:58:56 AM | Source: Accord Fintech

IIP grows 11.9% in August on low-base effect, good performance by manufacturing, mining

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With good performance by manufacturing, mining and power sectors that surpassed the pre-COVID level, India’s Industrial production grew 11.9 per cent in August mainly due to a low-base effect. The Index of Industrial Production (IIP) had contracted by 7.1 per cent in August 2020. The factory output grew 11.5 per cent in July this year. For the month of August 2021, the Quick Estimates of IIP with base 2011‐12 stood at 131.1 compared to 117.2 points in the same month last year. The index stood at 126.2 points in August 2019. The data showed that industrial production recovered and surpassed the pre-pandemic level of August 2019.

The manufacturing sector, which constitutes 77.63 per cent of the IIP, grew 9.7 per cent in August 2021. The manufacturing sector had recorded a contraction of 7.6 per cent in August 2020. The mining sector output rose 23.6 per cent in August, while power generation increased 16 per cent. The mining sector output fell 8.7 per cent in the same month. The electricity generation had declined 1.8 per cent in August 2020. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2021 stand at 103.8, 130.2 and 188.7 respectively.

The output of capital goods, which is a barometer of investment, grew 19.9 per cent in August 2021. It had witnessed a contraction of 14.4 per cent in the year-ago period. Consumer durables manufacturing increased 8 per cent in the month under review against a decline of 10.2 per cent in August 2020. Consumer non-durable goods production grew 5.2 per cent in August over a 3 cent contraction in the year-ago period. As per Use‐based classification, the indices stand at 127.3 for Primary Goods, 91.0 for Capital Goods, 142.7 for Intermediate Goods and 145.2 for Infrastructure/ Construction Goods for the month of August 2021. Further, the indices for Consumer durables and Consumer non‐durables stand at 118.3 and 147.3 respectively for the month of August 2021.

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