Growth of 1.8% y/y was recorded for the eight core industries on India’s Index of Industrial Production in January 2015. This represents a further slowdown when compared with December 2014, when growth of 2.4% was reported. Cumulative growth for April 2014 – January 2015 came in at 4.1%.
Cement production increased by 0.5% y/y in January, and by 7.1% y/y between April 2014 and January 2015. Steel production experienced growth of 1.6% y/y in the first month of 2015, while electricity generation was up 2.7% y/y. However, growth in the steel, cement and electricity generation sectors was lower than that recorded in January 2014. Meanwhile, the fertilizer and refinery products sectors both saw higher rates of growth this January than last. Fertilizer output increased by 7.1% y/y and petroleum refinery production was up by 4.7% y/y. Coal production also improved, rising by 1.7% y/y. Finally, crude oil and natural gas declined in January, falling by 2.3% y/y and 6.6% y/y, respectively.
Adapted from press release by Louise Fordham