November IIP data confirms sound manufacturing revival, says Economic Affairs Secretary Subhash Chandra Garg

November IIP data confirms sound manufacturing revival, says Economic Affairs Secretary Subhash Chandra Garg

Economic Affairs Secretary Subhash Chandra Garg on Saturday said the robust 8.4 per cent growth of factory production in November "confirms sound manufacturing revival".

By: IANS | New Delhi | Published: January 13, 2018 4:00 PM

“After core sector growth at 6.8 per cent, exports growth exceeding 30 per cent and PMI (Purchasing Manager’s Index) at multi year high of 54.7, IIP (Index of Industrial Production) growth at 8.4 per cent in November confirms sound manufacturing revival,” Garg said in a tweet. (PTI)

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Economic Affairs Secretary Subhash Chandra Garg on Saturday said the robust 8.4 per cent growth of factory production in November “confirms sound manufacturing revival”. “After core sector growth at 6.8 per cent, exports growth exceeding 30 per cent and PMI (Purchasing Manager’s Index) at multi year high of 54.7, IIP (Index of Industrial Production) growth at 8.4 per cent in November confirms sound manufacturing revival,” Garg said in a tweet. “We can expect industrial growth to be higher in second half for GDP (gross domestic product) growth to exceed CSO (Central Statistics Office) estimates of 6.5 per cent,” he added. Official data released on Friday evening showed that India’s factory production rose by over eight per cent in November, from a rise of 1.99 per cent in October and a 5.1 per cent growth during the corresponding period of 2016-17, due to an exponential rise in the manufacturing output. As per the data released by the CSO, the acceleration in factory output was mainly on account of a robust performance by the manufacturing sector.

“The general Index for the month of November 2017 stands at 125.6, which is 8.4 per cent higher as compared to the level in the month of November 2016,” the CSO report on the “Quick Estimates” of IIP for November said. Another macro-economic data released was the Consumer Price Index (CPI) for December, which rose to 5.21 per cent from 4.88 in November due to continuing rise in food and fuel prices.

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