India Among Global Top 10 In Industrial Production (08-Mar-2010)
India emerged as one of the world''s top 10 countries in industrial production.
This is according to UNIDO''s (United Nations Industrial Development Organisation) ''Yearbook of Industrial Statistics 2010.
However, in 2009, India surpassed Canada, Brazil and Mexico and rose to the ninth position, three places up from the 12th position it held in 2008.
The top ten in 2009 were: the U.S., China, Japan, Germany, the Republic of Korea, France, Italy, the U.K., India and Brazil.
According to the yearbook, the sectors in which India figures among the global top 10 are textiles; leather, leather products and footwear; coke, refined petroleum products, nuclear fuel.
Also, chemicals and chemical products; basic metals; electrical machinery and apparatus; and other transport equipment, other than motor vehicles, trailers and semi-trailers.
Meanwhile, India maintained its industrial growth and overtook its major competitors in the developing world as a consequence, in spite of the global crisis.
India''s manufacturing value added (MVA) per capita at $283 is still way below that of Brazil ($631) and Mexico ($1,093).
China is now the world''s second largest producer of manufactured goods and with this, China unseats Japan and is trailing behind the U.S.
Moreover, UNIDO estimates that the top three countries namely the U.S., China and Japan jointly account for 50% of the world''s manufacturing output.
But, however, in spite of China''s lead in the absolute amount of production, it is said that Japan is still the most industrialized country globally in terms of MVA per capita.
Japan''s MVA per capita for 2008 was almost $9,000 as compared to about $700 for China.
The effect of the recent global meltdown on industrial growth was severe for industrialized countries, but relatively mild for the developing countries.
On the other hand, as per UNIDO, its yearbook of industrial statistics is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.
Earlier, Finance minister Pranab Mukherjee described the industrial output in December as encouraging and said it would have a positive bearing on the economic growth figures for the current fiscal.It (IIP growth rate in December) is quite encouraging and I do hope that third quarter GDP figures will also be encouraging... it will get reflected in the overall GDP, he said.
The Index of Industrial Production (IIP), an indicator of industrial activity in the country, zoomed 16.8 per cent in December against the contraction of 0.2 per cent during the corresponding month a year ago.
Higher than anticipated industrial growth rate in December may also have a reflection on the over all Gross Domestic Product (GDP), which was pegged at 7.2 per cent for the current fiscal by the Central Statistical Organisation (CSO).
Previously, Planning Commission Deputy Chairman Montek Singh Ahluwalia stated that it expected industrial production to beat last year''s growth and attributed the revival to various stimulus measures.
His comments came after latest government data showed that factory production grew 11.7% in November last year.
The Index of Industrial Production (IIP) growth during November was huge compared to the dismal 2.5% in the year-ago period. IIP grew by 2.6% in 2008-09.
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