India - Index of Industrial Production

By Eduardo Petazze
June 11, 2016
The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of
April 2016 stands at 176.4, which is 0.8% lower as compared to the level in the month of April 2015.
For the 2016-17 fiscal year that started in April, a slowdown in industrial growth, as measured by this
indicator, from 2.42% the previous period to 0.65% for the current year is expected.
INDIA INDEX OF INDUSTRIAL PRODUCTION, NSA
04-05=100
Mining
Manufacturing
Electricity
General
Weight
(141.57) YoY (755.27) YoY (103.16) YoY
(1000) Y/Y
2005-06
102.27 2.27 110.29 10.29
105.16 5.16 108.62 8.62
2006-07
107.55 5.16 126.79 14.96
112.80 7.27 122.62 12.89
2007-08
112.51 4.61 150.11 18.40
119.97 6.35 141.68 15.54
2008-09
115.40 2.57 153.82 2.47
123.26 2.75 145.23 2.51
2009-10
124.52 7.90 161.25 4.83
130.77 6.09 152.91 5.29
2010-11
131.03 5.23 175.70 8.96
138.03 5.55 165.49 8.23
2011-12
128.46 -1.97
180.96 2.99
149.29 8.16 170.26 2.88
2012-13
125.46 -2.33
183.31 1.30
155.23 3.98 172.22 1.15
2013-14
124.71 -0.60
181.88 -0.78
164.70 6.10 172.02 -0.12
2014-15
126.52 1.45 186.07 2.30
178.58 8.43 176.86 2.82
2015-16
129.33 2.22 189.82 2.02
188.68 5.65 181.14 2.42
2016-17
132.65 2.57 188.67 -0.60
203.94 8.09 182.32 0.65
2017-18
135.34 2.03 187.84 -0.44
215.87 5.85 183.30 0.54
2018-19
137.58 1.65 187.13 -0.38
225.81 4.60 184.10 0.44
Latest data
Own estimate
INDIA INDEX OF INDUSTRIAL PRODUCTION, NSA
Mining
Manufacturing
Electricity
General
04-05=100
value
YoY
value
YoY
value
YoY
value
YoY
2014Q2
123.33 2.98 181.66 3.92
181.20 11.28 173.35 4.57
2014Q3
115.50 0.46 179.18 0.45
181.17 9.44 170.37 1.37
2014Q4
128.80 2.11 182.21 1.05
178.93 9.44 174.31 1.99
2015Q1
138.43 0.34 201.21 3.70
173.03 3.65 189.42 3.34
2015Q2
123.80 0.38 188.46 3.75
185.30 2.26 178.98 3.25
2015Q3
119.07 3.09 187.53 4.66
193.47 6.79 178.45 4.74
2015Q4
132.97 3.23 184.31 1.15
186.80 4.40 177.30 1.71
2016Q1
141.47 2.19 198.98 -1.11
189.13 9.30 189.83 0.22
2016Q2
126.78 2.41 186.37 -1.11
203.79 9.98 179.73 0.42
2016Q3
123.36 3.60 186.65 -0.47
207.43 7.22 179.83 0.78
2016Q4
136.66 2.78 184.08 -0.12
200.61 7.39 179.07 1.00
2017Q1
143.81 1.65 197.59 -0.70
203.92 7.82 190.63 0.42
Latest data
Own estimate
INDIA INDEX OF INDUSTRIAL PRODUCTION, NSA
Mining
Manufacturing
Electricity
General
04-05=100
value
YoY
value
YoY
value
YoY
value
YoY
Apr-15
121.90 -0.57
188.52 3.90
177.20 -0.51
177.92 2.98
May-15
127.90 2.08 187.33 2.10
195.00 6.04 179.71 2.53
Jun-15
121.60 -0.41
189.55 5.27
183.70 1.16 179.32 4.25
Jul-15
117.70 1.29 190.86 4.74
190.30 3.54 180.45 4.28
Aug-15
120.20 4.52 184.79 6.56
194.40 5.59 176.64 6.25
Sep-15
119.30 3.47 186.93 2.77
195.70 11.45 178.26 3.75
Oct-15
130.80 5.31 188.07 10.65
201.60 9.03 181.36 9.90
Nov-15
130.80 1.71 171.74 -4.53
175.60 0.75 166.34 -3.32
Dec-15
137.30 2.77 193.11 -1.86
183.20 3.15 184.19 -0.90
Jan-16
138.80 1.54 194.77 -2.94
188.30 6.56 186.18 -1.56
Feb-16
136.20 5.09 194.08 0.73
181.90 9.58 184.63 2.01
Mar-16
149.40 0.27 208.11 -1.04
197.20 11.79 198.67 0.28
Apr-16
123.60 1.39 182.60 -3.14
203.00 14.56 176.35 -0.88
May-16
132.21 3.37 187.33 0.00
211.58 8.50 182.03 1.29
Jun-16
124.53 2.41 189.18 -0.19
196.80 7.13 180.81 0.83
Latest data
Own estimate

For seasonally adjusted data, our own estimate, the industry production has remained in April 2016 at a
similar level as in March 2016 (growth of only 0.04%), consistent with the slowdown showed the PMI
indicator for manufacturing industry April 2016.
For May 2016, the manufacturing PMI indicator shows a slight increase.
INDIA INDEX OF INDUSTRIAL PRODUCTION SA
04-05=100
Mining
Manufacturing
Electr.
General
Weight
(141.57) YoY (755.27) YoY (103.16) YoY
(1000) Y/Y
2005-06
102.27 2.27
110.29 10.29
105.16 5.16 108.62 8.62
2006-07
107.55 5.16
126.79 14.96
112.80 7.27 122.62 12.89
2007-08
112.51 4.61
150.11 18.40
119.97 6.35 141.68 15.54
2008-09
115.40 2.57
153.82 2.47
123.26 2.75 145.23 2.51
2009-10
124.52 7.90
161.25 4.83
130.77 6.09 152.91 5.29
2010-11
131.03 5.23
175.70 8.96
138.03 5.55 165.49 8.23
2011-12
128.46 -1.97
180.96 2.99
149.29 8.16 170.26 2.88
2012-13
125.46 -2.33
183.31 1.30
155.23 3.98 172.22 1.15
2013-14
124.71 -0.60
181.88 -0.78
164.70 6.10 172.02 -0.12
2014-15
126.52 1.45
186.07 2.30
178.58 8.43 176.86 2.82
2015-16
129.33 2.22
189.82 2.02
188.68 5.65 181.14 2.42
2016-17
132.65 2.57
188.67 -0.60
203.94 8.09 182.32 0.65
2017-18
135.34 2.03
187.84 -0.44
215.87 5.85 183.30 0.54
2018-19
137.58 1.65
187.13 -0.38
225.81 4.60 184.10 0.44
Latest data SA data is our own estimate
Own estimate
INDIA INDEX OF INDUSTRIAL PRODUCTION SA
Mining
Manufacturing
Electr.
General
04-05=100
value
QoQ value
QoQ
value
QoQ value QoQ
2014Q2
127.16 0.51
185.06 2.22
177.39 3.22 176.06 2.15
2014Q3
125.32 -1.45
183.34 -0.93
176.91 -0.27 174.45 -0.91
2014Q4
126.72 1.12
186.30 1.62
181.72 2.72 177.39 1.68
2015Q1
126.87 0.12
189.56 1.75
178.32 -1.87 179.55 1.22
2015Q2
127.46 0.47
190.37 0.42
180.88 1.43 180.48 0.52
2015Q3
128.79 1.04
191.24 0.46
188.28 4.09 182.11 0.90
2015Q4
130.17 1.07
189.39 -0.97
189.93 0.88 181.07 -0.57
2016Q1
130.87 0.54
188.29 -0.58
195.62 2.99 180.90 -0.09
2016Q2
131.49 0.47
188.35 0.04
200.56 2.53 181.56 0.36
2016Q3
132.22 0.56
188.77 0.22
201.90 0.67 182.12 0.31
2016Q4
133.16 0.71
188.84 0.04
205.04 1.56 182.63 0.28
2017Q1
133.74 0.44
188.73 -0.06
208.26 1.57 182.95 0.17
Latest data
Own estimate
INDIA INDEX OF INDUSTRIAL PRODUCTION SA
Mining
Manufacturing
Electr.
General
04-05=100
value MoM value MoM value MoM value MoM
Apr-15
127.28 -0.78
191.56 1.34
175.78 -0.66 180.81 0.88
May-15
127.77 0.38
188.61 -1.54
184.01 4.68 179.51 -0.72
Jun-15
127.34 -0.34
190.94 1.23
182.84 -0.63 181.14 0.91
Jul-15
127.82 0.38
191.03 0.05
184.88 1.11 181.48 0.19
Aug-15
129.30 1.15
192.49 0.76
187.63 1.49 183.04 0.86
Sep-15
129.26 -0.02
190.19 -1.19
192.33 2.50 181.80 -0.67
Oct-15
130.39 0.87
195.24 2.65
192.39 0.03 185.74 2.16
Nov-15
129.75 -0.50
186.05 -4.70
188.10 -2.23 178.31 -4.00
Dec-15
130.37 0.48
186.88 0.44
189.30 0.64 179.15 0.47
Jan-16
130.32 -0.04
187.14 0.14
192.88 1.89 179.68 0.30
Feb-16
132.08 1.35
189.40 1.21
195.72 1.47 181.94 1.26
Mar-16
130.22 -1.41
188.32 -0.57
198.24 1.29 181.07 -0.47
Apr-16
131.43 0.93
187.69 -0.33
201.82 1.80 181.15 0.04
May-16
131.42 -0.01
188.58 0.47
199.81 -0.99 181.65 0.28
Jun-16
131.62 0.16
188.80 0.12
200.05 0.12 181.87 0.12
Latest data SA data is our own estimate
Own estimate

Mfg.
PMI

54.5
53.7
50.5
52.2
51.3
50.8
50.6
50.6

Mfg.
PMI
51.4
52.1
53.1
52.1
51.7
52.1
50.0
51.5
50.7
50.8
50.8
50.8

Mfg.
PMI
51.3
52.6
51.3
52.7
52.3
51.2
50.7
50.3
49.1
51.1
51.1
52.4
50.5
50.7
50.8