India's industrial production grows 7.5% in January

India's industrial production grows 7.5% in January

Retail inflation, based on Consumer price index (CPI), was at 5.07 percent in January.

"The IIP data also points towards signs of economic recovery as the negative effect of the disruptive shocks of previous year appear to be on the wane".

India's measure of consumer price inflation on an annual basis, the consumer price index (CPI), eased to 4.44% in February, data released by the ministry of statistics showed on Monday.

India's retail inflation eased for the second straight month in February but remained above the 4% medium-term target of the Reserve Bank of India (RBI), strengthening views it will hold rates steady at its April meeting rather than raise them.

However, for the nine-month period of April 2017-January 2018, industrial production grew 4.1 per cent and manufacturing just 4.3 per cent.

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But, on a cumulative basis, the IIP expanded by 4.1 per cent between April and January 2017-18, which was lower than the 5 per cent growth in the same period a year ago.

RBI said, "Though prices eased in December, the winter seasonal food price moderation was less than usual". Consumer durable goods recorded a growth rate of 8 per cent in January 2018 against a contraction of 2 per cent a year ago, the data showed.

Experts suggest the consistent growth in the industrial production could boost the overall economic growth in the fourth quarter.

The consumer food price index (CFPI) stood at 3.26% during the month, lower compared to 4.70% of January 2018, but way higher from 2.01% of year ago same month.

The sequential improvement in IIP growth in January 2018 was chiefly driven by consumer durables and primary goods led by components such as two-wheelers and electricity, respectively, Aditi Nayar, Principal Economist at ICRA said. Moreover, the manufacturing which has a weight of 77.63 per cent in the IIP is showing the sustenance of the growth momentum. However, the mining sector saw a flat growth of 0.1 per cent compared to 8.6 per cent a year ago. Even at the use based classification the growth is broad based as with the exception of intermediate goods all other segments have shown growth either in high single digit or greater than high single digit. In all 16 out of 23 industry groups in the manufacturing sector showed growth in January. What is encouraging is that the capital goods sector has posted robust growth during the month backed by new orders and improved demand.

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