Index for Industrial Production (IIP) diminished 3.6pc in February compared to the year prior period, continuing its fall after January’s 1.6pc de-growth. IIP for April-February period has declined 11.3pc from the prior year period according to the recent government data released on April 12. Production growth rate has declined rather swiftly in February. It last rose in December by 1.6pc.
IIP Broad Indices
The Index for mining in February slipped 5.5pc against a growth of 9.6pc in the prior year month. The index for manufacturing is down 3.7pc against a growth of 3.8pc in 2020. The index for electricity was the only in the broad indexes to signify a marginal growth of 0.1pc in February while it was 11.5pc in the year prior month.
This has pushed the general index to slip by 3.6pc in February 2021 against a growth of 5.2pc in the prior year.
Manufacturing segment has reported the worst decline in April-February period among the three broad indexes after contracting 12.6pc from the previous year period. Mining index is down around 9.6pc in April-February compared to a year ago.
Index for manufacturing of basic metals was down 4.8pc in February 2021 and down 9pc for April-February period. Manufacturing of fabricated metal products is down 1.2pc in February, and down almost 17pc for April-February period. Manufacturing of motor vehicles, trailers and semi-trailers was up 4.9pc in February but down 24.6pc for April-February. The index for infrastructure/construction goods in February dipped by 4.7pc as against a growth of 2.8pc in 2020.