India's industrial production grows by 4.1 per cent in February 2012

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India’s industrial production  grew by 4.1 per cent in February 2012 as compared to the level in the same month of last year,says a report by NetIndian.

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for February 2012 released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation showed that the General Index for the month stood at 174.9.

The cumulative growth for the period April-February 2011-12 stood at 3.5 per cent over the corresponding period of the previous year, the statement said. Simultaneously, the Government also revised the industrial growth rate for January from 6.8 per cent, as originally reported on March 12, to 1.1 per cent.

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TCA Anant, Secretary, Ministry of Statistics & Programme Implementation, said that, subsequent to the release of the data on March 12, it had been detected that, during the complilation of IIP for January 2012, the sugar production was wrongly taken as 134.08 lakh tonnes in place of the actual figure of 58.09 lakh tonnes. It said this wrong figure was taken because of incorrect reporting by the Directorate of Sugar in the Ministry of Consumer Affairs, Food & Public Distribution.

“Immediately after detection of the error, the revised IIP numbers and growth rates for the month of January, 2012 have been compiled. Due to this change and also minor updation of data received from other source agencies, the IIP for January 2012 has been revised from 187.9 to 177.9 and, therefore, growth rate over the corresponding period of previous year has been revised from 6.8 per cent to 1.1 per cent. Further, cumulative index for the period April, 2011 to January, 2012 which was released as 169 has been revised to 168. Consequently, cumulative growth rates have been revised from 4 per cent to 3.4 per cent,” Anant said.

According to the data for February 2012, the Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month stood at 134.8, 186.5 and 145.1, respectively, with the corresponding growth rates of 2.1 per cent, 4 per cent and 8 per cent as compared to February 2011.

The statemet said 18 of the 22 industry groups in the manufacturing sector had shown positive growth during February 2012 as compared to the corresponding month of the previous year.

Some of the important items of capital goods which showed high positive growth during February include ‘Machine tools’ (114.2 per cent),  Insulated cables/wires all kind’ (54.3 per cent), ‘Heat Exchangers’ (50.4 per cent), ‘Relays, Fuses & Switchgears’ (38 per cent) and ‘Generator/Alternator’ (30.3 per cent).  However, some important items of capital goods also showed negative growth. These are:  ‘UPS/Inverter/Converter’ [(-) 75.5 per cent], ‘Ship Building and Repairs’ [(-) 52.7 per cent] and ‘Plastic Machinery including Moulding Machinery’ [(-) 34.8 per cent].

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