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March 2013 IIP at +2.5%, But Lower than March 2011


The Index of Industrial Production (IIP) came in on Friday for March 2013 at 2.5% greater on a Year-on-Year basis.

IIP India March 2013

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%).

IIP Components March 2013

(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.


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