The Index of Industrial Production (IIP) came in on Friday for March 2013 at 2.5% greater on a Year-on-Year basis.
Note that even with this spike (usual for March) the index at a nominal level is lower than March 2011!
Manufacturing grew at 3.17%, higher than the in the previous month (which was revised down from +2.17% to +1.93%).
(Click for larger image)
Further, on a use-based index, while Capital Goods and Basic Goods rose, the rest didn’t show much sign of recovery. Consumer durables are a worry as they continue to slide downwards.
December 2012 IIP has been revised marginally down to –0.55% from the first announced –0.50%.
But more sinister, is the 50,000 foot view. Of how India’s Industrial Production has slowed down, very dramatically. In the next post.
