Industrial growth at 9-mth high;inflation stays flat at 3.28pc

India's factory output grows sharply at 4.3% in August
India's factory output grows sharply at 4.3% in August
Author

13 October, 2017

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.

India's consumer price inflation held steady in September, defying expectations for an acceleration, preliminary data from the Central Statistics Office showed Thursday. Retail inflation stood at 4.31 per cent in September, 2016.

Separately, annual industrial output grew at a nine-month high of 4.3 per cent in August, compared with the forecast of 2.4 per cent by economists in a Reuters poll, the data showed.

The worrying factor, however was manufacturing sector growth, which decelerated to 3.1 per cent in August from 5.5 per cent a year ago. The drop in inflation could also raise demands for a rate cut now from the Reserve Bank of India that had kept the benchmark rates unchanged due to rising inflation trend. The previous high in IIP growth was recorded at 5.1 per cent in November 2016.

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The July IIP growth has been revised to 0.9 per cent from 1.2 per cent.

The recovery in industrial output is a clear indication that the companies have begun restocking and building fresh inventories after clearing up the stockpile in June ahead of the Goods and Services Tax's (GST's) roll out from July 1.

The August intermediate goods output is at -0.2 per cent, against -1.8 per cent in July. "This is a good sign that notwithstanding the expected increase in prices of some food products, rentals/housing, transport and clothing, inflation has remained low".


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