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India's industrial output growth surges 11-month high of 8.1% in October

India's industrial production measured by Index of Industrial Production (IIP) surged an 11-month high of 8.1% in the month of October 2018 as against 4.5% in September 2018 and 1.8 percent in October 2017. The growth was backed by mining, power and manufacturing sectors coupled with higher offtake of capital as well as consumer durable goods. The previous high IIP growth rate was recorded in November last year at 8.5%. As per the data released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation, IIP with base 2011-12 for the month of October 2018 stood at 132.4, which was 8.1% higher as compared to the level in the month of October 2017. The cumulative growth for the period April-October 2018 over the corresponding period of the previous year stood at 5.6%.

On the sectoral basis, manufacturing sector, which constitutes 77.63% of the index, recorded 7.9% growth in October as against 2% year ago. Mining sector posted 7% growth during the month as against a contraction of 0.2% in October 2017. The power sector output also grew by 10.8% in the month compared to 3.2% a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2018 stand at 107.9, 133.5 and 166.0 respectively. The cumulative growth in these three sectors during April-October 2018 over the corresponding period of 2017 has been 3.8%, 5.6% and 6.8% respectively.

Besides, the capital goods sector saw a 16.8% output growth in the month, up from 3.5% a year ago. Consumer durables expanded at 17.6% as compared to a contraction of 9% a year earlier. As per Use-based classification, the growth rates in October 2018 over October 2017 are 6.0% in Primary goods, 1.8% in Intermediate goods and 8.7% in Infrastructure/ Construction Goods. The Consumer non-durables recorded growth of 7.9% respectively.

In terms of industries, 21 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of October 2018 as compared to the corresponding month of the previous year. The industry group 'Manufacture of furniture' has shown the highest positive growth of 41.0% followed by 39.0% in 'Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials' and 30.2% in 'Manufacture of computer, electronic and optical products'. On the other hand, the industry group 'Manufacture of paper and paper products' have shown the highest negative growth of (-) 1.8% followed by (-) 1.7% in 'Manufacture of beverages'.

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