November 20, 2002
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Money > The Economy: Mid-Year Review - IV November 20, 2002 |
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Industrial pivots deliver in first halfBS Research Bureau in MumbaiIndustrial growth during April-September 2002-03 galloped to 5.2 per cent, up from 2.4 per cent in April-September 2001-02, according to the quick estimates of the Index of Industrial Production for September 2002 released by the Central Statistical Organisation. During the first half of 2000-01, the growth was 1.25 per cent, while the IIP rose by 1.8 per cent during the first half of 1999-2000. During H1 2002-03, all the three sections of industry - manufacturing, electricity and mining - registered sharp improvements as compared to H1 2001-02. Manufacturing, which accounts for almost 80 per cent of the IIP, grew by 5.3 per cent in H1 2002-03 as against 2.5 per cent in H1 2001-02; electricity generation improved from 3.2 per cent to 3.4 per cent, while mining saw a growth of 6.5 per cent in H1 2002-03 compared to a decline of 3.4 per cent in the previous year. The encouraging trend has been seen in the use-based classification. During the second quarter of 2002-03, a robust 9.59 per cent growth was registered in the capital goods sector. The index of capital goods rose from 162.7 on June 30, 2002 to 178.3 (estimated) on September 30, 2002. The consumer non-durable index grew by 6.77 per cent while the intermediate goods index rose by 3.27 per cent. The consumer goods-durable index registered a modest 0.73 per cent rise, while the basic goods index decline by 0.39 per cent. The average growth in the index of industrial production as per use-based classification shows that the growth in the first half (April-September 02) in the basic, capital and intermediate goods sectors has been at a four-year high. In the H1 of the current year, the capital goods sector showed an average growth rate 8.9 per cent from a negative growth of 3.4 per cent during the fiscal 2001-02. The capital goods index rose by 1.8 per cent in fiscal 2000-01 and 6.9 per cent in fiscal 1999-00. The growth rate was higher at 12.6 per cent during the fiscal 1998-99. The YoY growth in the H1 showed a 1.6 per cent growth in basic goods, 15.5 per cent in capital goods and 1.7 per cent in Intermediate goods. The consumer durable and consumer non-durables have recorded a decline of 12.3 per cent and a growth of 25.3 per cent respectively, with the overall growth in consumer goods being 13.2 per cent. The IIP for the month of September 2002 shows as many as 14 of the 17 two-digit industry groups have registered a positive growth compared to the corresponding month of the previous year. Beverages, tobacco and related products have shown the highest growth of 40.3 per cent, followed by 27.1 per cent in food products and 22.4 per cent in textile products (including ready-made apparel). On the other hand, leather and leather & fur products have shown a decline of 36.1 per cent followed by a decline of 32.5 per cent in wood and wood products; furniture and fixtures and 3.2 per cent in machinery and equipment other than transport equipment. Along with the Quick Estimates of IIP for September 2002, the indices for August 2002 have undergone the first revision and those for June 2002 the second (final) revision in the light of the updated data received from source agencies. There are no significant revisions in the indices for June 2002 and August 2002. Powered by ALSO READ:
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