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July industrial production dips to 1.7 pc from 5.2 pc in June

Industrial production during July 1998 was 1.7 per cent higher compared to the corresponding month of July 1997.

As per the quick estimates of index of industrial production, indices of industrial production for the mining, manufacturing and electricity sectors for the month of July 1998 stood at 119.0, 137.8 and 135.4 respectively, with the corresponding growths of 2.9 per cent, 1.2 per cent and 5.1 per cent compared to the month of July 1997.

The cumulative growths during April to July 1998 over the corresponding period of 1997 in the three sectors have been 0.5 per cent, 3.7 per cent and 9.0 per cent.

The quick estimates of index of industrial production with base 1993-94 for the month of July were released by the Central Statistical Organisation. So far, the indices for particular month were being revised with the quick estimates of IIP for the next month, fourth month and 13th month. In order to finalise the indices within the next three months, the revision schedule of IIP has been changed and the indices would now undergo only two revisions, that is, in the next month and the third month.

As such, the monthly indices for April 1997 onwards have been revised, as a one-time measure, based upon the final monthly production data furnished by the source agencies.

Ten out of seventeen two-digit industry groups have shown positive growth during the month of July 1998 as compared to the corresponding months of the previous year. Metal products and parts (except machinery and equipment) have shown the highest growth of 24.8 per cent followed by 14.2 per cent for paper and paper products and printing, publishing and allied industries and 13.5 per cent for beverages, tobacco and related products.

On the other hand, cotton textiles have shown a growth of minus 14.4 per cent followed by a growth of minus 10.6 per cent in leather and leather and fur products and minus 7.8 per cent in machinery and equipment other than transport equipment.

As per use-based classification, the growth in July 1998 as compared to July 1997 is 6.8 per cent in capital goods followed by three per cent in the intermediate goods and one per cent in basic goods. The consumer durables and consumer non-durables have recorded growth of minus 4-7 per cent and 0.7 per cent respectively, with the overall growth in consumer goods being minus 0.56 per cent.

UNI