On January 10, 2020, According to the Index of industrial production (IIP) data released by the National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI), Growth in manufacturing sector has resulted in 128.4 in November 2019, which is 1.8 % higher as compared to the level 126.1 in the month of November 2018 .The result turning positive after 3 consecutive months (August to October 2019) of decline.Key Points:
i.Only 0.2 % increase was registered in November a year earlier i.e 2018.
ii.Sector wise growth:
- Manufacturing sector : As per the data, the manufacturing sector (13 of the 23 industry groups in the manufacturing category ) grew by 2.7 % in November 2019, compared to a decline of 0.7 % in the same month in 2018.
Here the manufacturing category except for furniture, the industry which made wood and cork products and straw etc made the most growth of 23.2 % followed by basic materials, which has increased by 12.9 %.
However, the other manufacturing category declined the most by 13.5 %, followed by Automotive, trailer and semi-trailer manufacturing, which has declined by 12.6%.
- Electricity generation: While there was a 5.1 % increase in power generation in November 2018, it declined by 5 % in November 2019.
- Mining sector : Mining sector production was down 1.7 % as compared to a decline of 2.7 % in the reporting period.
iii.Overall growth of April -November 2019:The cumulative growth of IIP for the period April -November 2019 has increased by 0.6 % overall, while in 2018-19, a growth of 5% was recorded during this period.
According to the data, capital goods production declined by 8.6 % in November 2019 from 4.1 % in November 2018.
The infrastructure and construction materials category fell by 3.5 %.
However, Consumer non-durable goods grew by 2 % in November 2019. Whereas, the Consumer durables has recorded declined growth of 1.5 % .
v.The data of the industry sector gaining some momentum & is a relief for the market and policy makers.
vi.Earlier the NSO estimated the growth in real GDP(Gross Domestic Product) for 2019-20 at 5% compared to 6.8% for 2018-19.
It is an abstract number represents the status of production in the industrial sector for a given period of time as compared to a reference period of time. The current base year is 2011-2012.
About Ministry of Statistics and Programme Implementation (MoSPI):
Founded– 15 October 1999.
Headquarters– New Delhi.
Minister of State(MoS- independent Charge)- Rao Inderjit Singh.
Secretary– Shri Pravin Srivastava
It came into existence after the merger of the Department of Statistics and the Department of Programme Implementation.