Mining Current Affairs - 2019
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The Central Statistics Office (CSO) has released the data for the Index of Industrial Production (IIP) for the month of January. The IIP data shows that:
- Industrial output growth stood at 1.7 per cent in January against the 2.6% growth recorded in December 2018.
- The CSO has revised the industrial production growth for December 2018 has been revised upwards from 2.4% to 2.6%.
- The growth of output of manufacturing sector moderated to 1.3% and the electricity generation rose a mere 0.8% in January 2019.
- The mining output rebounded 3.9% in January 2019, snapping 1% decline in December 2018.
- Capital goods output declined 3.2% in January 2019 and the output of intermediate goods also fell by 3.0% in January 2019.
- The output of primary goods increased by 1.4%, while that of infrastructure/ construction goods moved up 7.9% in January 2019 when compared to January 2018.
- The output of consumer durables moved up 1.8%, while that of consumer non-durable durables also rose 3.8% in January 2019 when compared to January 2018.
- Eleven out of the twenty-three industry groups in the manufacturing sector have shown positive growth during the month of January 2019 as compared to January 2018.
- The cumulative industrial production increased by 4% in April-January FY2019 compared with 4.1% growth in April-January FY2018.
- The manufacturing sector growth has improved to 4.4% in April-January FY2019 from 4.2% growth in the corresponding period last year.
- The electricity generation output growth also improved to 5.8%, while mining output growth accelerated to 5.3% in April-January FY2019.
Index of Industrial Production
Index of Industrial Production (IIP) is a composite indicator that measures the changes in the volume of production of a basket of industrial products during a given period with respect to the volume of production in a chosen base period. The base year for the IIP is 2011-12.
The Index of Industrial Production for the month of November has been released by the Central Statistical Office, under the Ministry of Statistics and Programme Implementation.
The Index of Industrial Production (IIP) provides details about the growth of various sectors in an economy such as mineral mining, electricity and manufacturing. IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period.
Key Facts about the IIP, November 2018
The IIP report of CSO makes the following observations:
- Industrial growth unexpectedly plummeted to a 17-month low in November as a result of the post-festival season decline in manufacturing, fewer working days in the month and tighter financial conditions.
- The Index of Industrial Production (IIP) stood at 0.47 per cent in November and the high base of last year has also contributed to the slowdown. IIP had witnessed a growth of 8.5 per cent in November 2017.
- Manufacturing which constitutes 77.63 per cent of IIP, shrank 0.4 per cent, the Manufacturing had witnessed a robust growth of 10.4 per cent in November 2017.
- The production of both capital goods and consumer goods saw a decline.
- Mining expanded by 2.7 per cent in November 2018 compared with 1.4 per cent in November 2017.
- The electricity generation rose 5.1 per cent.
- The Production of intermediate items was down 4.5 per cent.
The Industrial growth in India is still not on a sound footing due to the high variability in industrial growth across sectors and within sectors on a month-on-month basis. It is expected that incrementally improving liquidity, normalisation after festive season related disruptions and spending tied to elections would act as a catalyst for the growth.