MOSPI released the Index of Industrial Production (Quick Estimate) for June 2010. The headline general number came in at 7.13% increase over last year. This is the lowest figure since May 2009 and the first sub 10% growth number since Oct 2009.
The revisions were minor – May was revised from the earlier number (312.6) to 312.1. March was revised upwards, from 348.5 to 350.4. Is the best behind us?
Mining was up 9.5% from last year, Manufacturing 7.3% and Electricity 3.5%. Consumer goods grew 8.3%.
Nothing great about this report, as it’s a dull month in general. Diwali based production should perk up the numbers in subsequent months, otherwise we’re heading for the low single digit numbers for a while.
At cycle.in, they show the IIP appropriately adjusted for seasonality. This is majorly negative (month-on-month change, 3 month moving average) – and it only has data till May 2010, June figures yet to be plotted. Let’s wait for that, perhaps next week.
