by admin | May 25, 2021 | Business, Economy, Medium Enterprise, News, SMEs
New Delhi : Lower production in the manufacturing sector sharply decelerated India’s industrial output growth rate to 0.5 per cent in November from a rise of 8.4 per cent in October and 8.5 per cent during the corresponding period of the previous fiscal.
According to the Central Statistics Office (CSO), the output rate of the manufacturing sector fell by (-) 0.4 per cent in November from a year-on-year rise of 10.4 per cent.
“The ‘Quick Estimates of Index of Industrial Production’ (IIP) with base 2011-12 for the month of November 2018 stands at 126.4, which is 0.5 per cent higher as compared to the level in the month of November 2017,” the CSO said in a statement.
“The cumulative growth for the period April-November 2018 over the corresponding period of the previous year stands at 5 per cent.”
On a YoY basis, mining production edged-up by 2.7 per cent and the sub-index of electricity generation increased by 5.1 per cent.
Among the six use-based classification groups, the output of primary goods which has the highest weightage of 34.04 grew by 3.2 per cent. The output of intermediate goods, which has the second highest weightage, fell by (-) 4.5 per cent.
Similarly, output of consumer non-durables inched lower by (-) 0.6 per cent and that of consumer durables by (-) 0.9 per cent.
In addition, output of infrastructure or construction good increased by 5 per cent and that of capital goods by (-) 3.4 per cent.
“In terms of industries, ten out of the twenty three industry groups in the manufacturing sector have shown positive growth during the month of November 2018 as compared to the corresponding month of the previous year,” the statement said.
“… The industry group ‘Manufacture of fabricated metal products, except machinery and equipment’ has shown the highest negative growth of (-) 13.4 per cent followed by (-) 9.6 percent in ‘Manufacture of electrical equipment’ and (-) 7.3 in ‘Other manufacturing’.”
—IANS
by admin | May 25, 2021 | Markets, News
New Delhi : An upswing in manufacturing activity accelerated India’s GDP growth rate in the first quarter of 2018-19 to 8.2 per cent, official data showed here on Friday.
According to the Central Statistics Office (CSO), the GDP at 2011-12 prices in the first quarter (Q1) of 2018-19 registered a growth rate of 8.2 per cent, up from 7.7 per cent reported for Q4 of 2017-18 and 5.6 per cent in the corresponding period of the previous fiscal.
“The economic activities which registered growth of over 7 per cent in Q1 of 2018-19 over Q1 of 2017-18 are ‘manufacturing’, ‘electricity, gas, water supply and other utility services’, ‘construction’ and ‘public administration, defence and other services’,” a statement by Ministry of Statistics and Programme Implementation said.
“The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘trade, hotels, transport, communication and services related to broadcasting’ and financial, real estate and professional services is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during this period.”
Besides, the growth rate of gross value added (GVA) in Q1 of 2018-19 stood at 8 per cent from a rise 5.6 per cent during the corresponding period of the previous fiscal.
GVA includes taxes but excludes subsidies.
Sector-wise, quarterly GVA at basic prices for Q1 2018-19 from “agriculture, forestry and fishing” sector grew by 5.3 percent as compared to growth of 3 per cent in Q1 2017-18.
As per the data, quarterly GVA at basic prices for Q1 2018-19 from “manufacturing” sector grew by 13.5 per cent as compared to (-) 1.8 per cent in Q1 2017-18.
“IIP manufacturing registered growth rate of 5.2 per cent during Q1 of 2018-19 as compared to 1.6 per cent during Q1 of 2017-18,” the statement said.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
New Delhi : A slowdown in manufacturing sector almost halved the rise in India’s factory output in October to 2.2 per cent from 4.14 per cent in September and 4.2 per cent during the corresponding month last year, official data showed on Tuesday.
“The general index for October 2017 stands at 123, which is 2.2 per cent higher as compared to the level in October 2016,” the “Quick Estimates” of Index of Industrial Production (IIP) said.
“The cumulative growth for April-October 2017 over the corresponding period of the previous year stands at 2.5 per cent.”
As per the IIP data released by the Central Statistics Office (CSO), the slowdown was mainly on account of deceleration in manufacturing and mining outputs.
On a year-on-year basis, the manufacturing sector, which has the maximum weightage in the overall index, expanded by just 2.5 per cent, whereas mining output was a mere 0.2 per cent and the sub-index of electricity generation by 3.2 per cent.
Among the six use-based classification groups, the output of primary goods grew by 2.5 per cent, intermediate goods by 0.2 per cent, consumer non-durables by 7.7 per cent and infrastructure or construction goods by 5.2 per cent and capital goods by 6.8 per cent.
In contrast, the output of consumer durables fell by (-)6.9 per cent
“In terms of industries, 10 out of the 23 industry groups in the manufacturing sector have shown positive growth during October 2017 as compared to the corresponding month the previous year,” the CSO said.
According to the data, industry group ‘manufacture of pharmaceuticals, medicinal chemical and botanical products’ showed the highest positive growth of 23 per cent followed by 12.8 per cent in ‘manufacture of motor vehicles, trailers and semi-trailers’ and 9.7 per cent in ‘manufacture of computer, electronic and optical products’.
On the other hand, the industry group ‘other manufacturing’ has shown the highest negative growth of (-) 36.4 per cent followed by (-) 20.9 percent in ‘manufacture of tobacco products’ and (-) 16.1 per cent in ‘manufacture of rubber and plastic products’.
—IANS
by admin | May 25, 2021 | Economy, News
The Prime Minister, Shri Narendra Modi addressing at the launching ceremony of the Skill India Mission,(File Photo)
New Delhi:(IANS) Prime Minister Narendra Modi on Wednesday met 30 eminent scientists from various top institutions across India, and said the country must become self-reliant in medical equipment manufacturing.
According to a PMO release, several scientists made presentations on the progress made by India in various fields of science in the course of the interaction which lasted for over two and a half hours.
Appreciating the work done by them, Modi called upon the scientific community to work towards solving the problems faced by India, including in the emerging critical areas of energy and water.
Modi described the task of cleaning up the rivers, including the Ganga, as a “scientific project” and said it was a challenge for Indian scientists to come up with innovative solutions to achieve the goal.
Referring to healthcare, he said Indian scientists must address the unique healthcare needs and challenges that confront the country.
He mentioned the prevalence of malnutrition and the disease of sickle-cell anaemia in certain tribal areas.
Calling for overlapping traditional knowledge with modern systems, he said India must become self-reliant in medical equipment manufacturing.
Describing solar energy as the ultimate solution to India’s energy problems, the prime minister called upon the scientists to work towards developing more efficient equipment which could revolutionize the entire sector.
He asked the Indian scientific community to come up with ideas and concepts for global leadership in the context of the upcoming climate conference in Paris.
Recalling the axiom that science was universal, technology must be local, the prime minister called for innovations in the agriculture sector that would lower wastage of agricultural produce, and end India’s import of agricultural products.
He said India accounts for most of castor seed production in the world but other countries import raw castor seeds from India and export it after adding value to it.
Modi said Indian science seemed to be constrained by a silo-approach, which should end through greater coordination and establishing a multi-disciplinary environment for research.
Science and Technology Minister Harsh Vardhan NITI Aayog vice chairman Arvind Panagariya and Principal Scientific Advisor to Government of India R. Chidambaram were among those present.
