Sunday, 25 June, 2017

Indian industrial output rose at better-than-expected rate in March

Economists expect the RBI to keep its policy rate unchanged this year Economists expect the RBI to keep its policy rate unchanged this year
Heather Davidson | 13 May, 2017, 11:44

"The goal of these changes is to align WPI with GDP and IIP, and hence the 2011-12 base year has been taken", Department of Industrial Policy & Promotion Secretary Ramesh Abhishek said at the press conference.

On a sequential basis, factory output for March rose to 2.7 per cent from 1.9 per cent during the month before.

The WPI inflation readings, reflecting the annual rate of price rise, under the new base stood at 5.29 per cent in March, 5.51 per cent in February, 4.26 per cent in January, 2.10 per cent in December and 1.82 per cent in November.

The data also revealed that the category of primary goods, which has replaced the category of basic goods, registered a growth of 4.9 per cent last fiscal as against 5 per cent in 2015-16.

The consumer price inflation also eased to 2.99% in April from 3.89% in March.

The series would be less volatile, as compared to current series.

The index of industrial production (IIP) growth was 5.5 per cent in March 2016.

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When asked about any impact of these new series of indices on Goods and Services Tax (GST) which is scheduled to be rolled out on July 1 this year, Anant, however, said, "With the new revised indices, there may be some impact on retail and wholesale inflation numbers, post rollout GST".

In the mining, growth will now be calculated based on 29 minerals as opposed to 62 minerals in old series. The change in the IIP base year is usually undertaken to reflect the changes in the structure and composition of the industry over time because of consumption pattern, technological changes and economic reforms.

The largest growth within 1Q17 came during March, when the IIP increased to an all-time high of 109.5 ahead of the April festive season, beating 107.8 recorded during March 2016.

For enabling dynamic revision of the methodology of IIP including the item list and the panel of factories during the currency of a base year, a Technical Review Committee, chaired by Secretary, Ministry of Statistics &PI, will be constituted.

As part of the overhaul of industrial output data, the new series has 809 items in the manufacturing sector.

India changed the base year for the country's gross domestic product (GDP) and Consumer Price Index based inflation data about two years ago while continuing with the old base year for other macro indicators.

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