Industrial production jumped to 3.8 per cent in May 2002, more than double the 1.7 per cent industrial growth in May 2001. According to the quick estimates of the IIP released by the Central Statistical Organisa-tion (CSO), the general index was 168.9 in May 2002.
Manufacturing growth is up, as is growth in basic and capital goods. The only areas which have reported lower growth than in May 2001 are electricity, intermediate goods and consumer durables. The manufacturing sector, which accounts for almost 80 per cent of the index of industrial production (IIP) grew by 3.7 per cent compared to 1.8 per cent in the corresponding month last year.
Mining sector growth zoomed to 7 per cent, up from a 0.5 per cent fall in production in May 2001, while the electricity sector reported 2.4 per cent growth, slower than 3 per cent in May 2001.
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As per the use based classification, basic goods and capital goods, both reported an improvement in growth. In fact, the only sector, which showed slower growth in May 2002 than in May 2001 was consumer durables.
The CSO has also revised the indices for April 2002 and those for February 2002 based on data received from source agencies.
The IIP for April has been revised upwards by 1 per cent, mainly on account of a 1.2 per cent upward revision in the production data reported by the Directorate of Vanaspati, Vegetable Oils & Fats, Office of Textile Commissioner and Development Commissioner (Iron and Steel).
There are no significant revisions in the sectoral/general indices for February, 2002, said an official release.
As per the use based classification, basic goods reported 4.7 per cent growth, up from 1.3 per cent in May last year. Capital goods grew by 0.6 per cent as against a 3.9 per cent fall in production last year. Intermediate goods reported a 0.4 per cent fall in production as against 2.6 per cent growth in May 2001.
Consumer goods reported a sharp increase, with 8.4 per cent growth, as against 3 per cent in the corresponding month last years. Here, consumer non-durables grew at 12.3 per cent as against 1.4 per cent in May last year, while consumer durables reported a 1.2 per cent fall in production as against 7.1 per cent growth in May 2001.
In the first two months of the fiscal, IIP grew by 3.8 per cent as against 2.1 per cent growth in April-May 2001.
Manufacturing grew by 3.7 per cent, mining by 5.6 per cent and electricity by 3.8 per cent.