The index of industrial production (IIP), grew by 1.4% in April 2009 as against market expectation of around 0.3% fall. The growth is significant considering the fact that it was on a higher base. The growth was driven by improvement in all the sectors viz. manufacturing, mining and electricity. The manufacturing grew by 0.7%yoy as against negative 1.6% growth in the preceding month. Mining output and Electricity generation also improved to 3.8%yoy and 7.1%yoy as against 2.6% and 6.3% in the preceding month. The government also revised its March data for industrial production to 0.8% from initially estimated 2.3% contraction.
The growth in the manufacturing was led by Wood and Wood Products (31.4%), Wool, Silk and Man-made Fibre Textiles (12.6%) and Non-Metallic Mineral Products (10.2%). However the industries which recorded negative growth were Food Products (34.4%), Leather and Leather & Fur Products (12.4%) and Other Manufacturing Industries (5.1%).
Capital goods witnessed a fall of 1.3% as against a fall of 8.4% in the preceding month. However one should also consider the fact that this growth was on a high base of 12.4%. Consumer durable goods also reported excellent performance as it grew by 16.9%yoy as against a growth of 3.2% in the corresponding month last year and 8.2% growth in the preceding month.
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