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India’s May IIP at 4.7%, highest since October 2012

July 14: Aided by better growth in manufacturing, mining and the electricity sector, India's Index of Industrial Production (IIP) increased by 4.7% to 173.8 in May 2014 as compared to the same month in 2013, according to provisional data released by the Ministry of Statistics and Programme Implementation.

The growth in IIP in May was the highest since October 2012.

The cumulative growth for the period April-May 2014-15 over the corresponding period of the previous year stood at 4%.

The growth in IIP was higher from 3.4% recorded in April 2014.

In May, the mining sector grew by 2.7% to 125.6 against a contraction of 5.9% at 122.3 in the same month of last year, while the manufacturing sector grew by 4.8% to 181.6 against a contraction of 3.2% at 173.3 in May 2013.

The electricity sector showed a growth of 6.3% at 183.2 as compared to a growth of 6.2% recorded in the corresponding month of 2013.

The cumulative growth in mining, manufacturing and electricity sectors during the first two months of 2014-15 was 2.6%, 3.7% and 9.0% respectively over the corresponding period of 2013-14, the data said.

Capital goods production, a barometer of demand, grew 4.5% to 228.7 in May, 2014 compared to a contraction of 3.7% at 218.8 in the same month of last year. The cumulative growth for the period April-May, 2014-15 over the corresponding period of the previous year stood at 9.3% against a contraction of 2.1% in the same period of 2013-14.

The consumer durables segment grew by 3.2% in May as compared to a negative growth of 18.3% in the same month in the previous year. The cumulative growth of the sector for the period April-May, 2014 stood at negative 2.5% as compared to a negative growth of 14.0% in the corresponding period of the previous year.

The consumer non-durables segment grew by 3.9% in May and by 0.5% during the first two months of 2014-15 as against 3.8% in May 2013 and 7.6% in April-May, 2013-14, the data added.