Industrial production dips 2 per cent in December 2008

12 February 2009

The index of industrial production (IIP) in December 2008 stood at 279.1, falling to a negative 2.0 per cent year-on-year against an 8.0 per cent growth recorded in December 2007. 

The cumulative index for the period April-December 2008-09 rose 3.2 per cent over the corresponding period of the previous year, according to quick estimates released by the Central Statistical Organisation of the ministry of statistics and programme implementation.

IIP for December 2008 (with base 1993-94) saw a significant fall in manufacturing output (-2.5 per cent against 8.6 per cent in December 2007) and consumer durables growth (-12.8 per cent versus 2.8 per cent) may have led to the drastic fall.

The November IIP number has also been revised downwards to 1.7 per cent from 2.4 per cent earlier.

Mining, manufacturing and electricity sectors recorded growth rates of 1.0 per cent, (-)2.5 per cent and 1.6 per cent, respectively, for December 2008 with the production index standing at 186.0, 298.6, and 223.1, respectively.

The cumulative growth during April-December 2008-09 over the corresponding period of 2007-08 in the three sectors have been 3.0 per cent, 3.3 per cent and 2.7 per cent respectively, which moved the overall growth in the general index to 3.2 per cent.