Industrial production grows at a faster pace of 4.7% in May

Industrial production in the country expanded at a higher pace of 4.7 per cent in May 2014 compared to the 3.4 per cent growth recorded in April and the 4 per cent growth in May 2013, raising hopes of recovery after contracting for last two months (February-March 2014) of the previous fiscal.

The growth in output was mainly due to improved performance of manufacturing, including consumer goods and power generation, quick estimates of the industrial production released by the Central Statistics Office (CSO) showed.

The general index of industrial production for April 2014 was up 4.7 per cent in May 2014 compared to the level in May 2013.

Cumulative growth for the period April-May 2014-15 over the corresponding period of the previous year stands at 4.0 per cent.

Production in the mining, manufacturing and electricity sectors grew at 2.7 per cent, 4.8 per cent and 6.3 per cent, respectively in May 2014, compared to May 2013.

Cumulative growth in the three sectors during April-May 2014-15 over the corresponding period of 2013-14 stood at 2.6 per cent, 3.7 per cent and 9.0 per cent, respectively.

Sixteen out of the 22 industry groups in the manufacturing sector have shown positive growth during May 2014 compared to the corresponding month of the previous year.

The industry group 'furniture; manufacturing' showed the highest positive growth of 60 per cent, followed by 'tobacco products' (37.1 per cent) and 'electrical machinery and apparatus'  (33.7 per cent).

On the other hand, the industry group 'radio, TV and communication equipment and apparatus' has shown the highest negative growth of (-) 40.3 per cent, followed by 'office, accounting and computing machinery' (- 28.6 per cent) and 'motor vehicles, trailers and semi-trailers' (- 7.4 per cent).

Basic goods industries recorded 6.3 per cent growth in May 2014, followed by capital goods (4.5 per cent) and intermediate goods (2.7 per cent).

Industries in the consumer durables and consumer non-durables sectors recorded growth rates of 3.2 per cent and 3.9 per cent, respectively, while the overall growth in consumer goods stood at 3.7 per cent.

Some of the important items showing high positive growth during the current month over the same month in previous year include 'woollen carpets' (167.1 per cent), 'rubber insulated cable' (128.6 per cent), 'gems and jewellery' (127.1 per cent), 'copper and copper products' (89.2 per cent), 'vitamins' (66.4 per cent), 'ayurvedic medicaments' (64.1 per cent), 'stainless/alloy steel' (39.8 per cent), 'room air conditioner' (38.5 per cent) and 'scooter and mopeds' (28.9 per cent).

Some of the other important items showing high negative growth included 'aluminium conductor' (-60.3 per cent), 'lubricating oil' (-51.3 per cent), 'telephone instruments, including mobile phones and accessories)' (- 47.8 per cent), 'computers' (- 38.1 per cent), 'polythene bags, including HDPE & LDPE bags' (-29.5 per cent), 'antibiotics and its preparations' (-27.2 per cent), 'commercial vehicles' (- 22.7 per cent) and 'boilers' (-21.8 per cent).