India’s economy is set to grow at 7.4% in the current fiscal year 2017-18 against 7.1% in the previous year, on the back of pick-up in consumption demand and higher public investment as per Asian Development Bank.
Manufacturing and capital goods sectors were witnessing a weak trend indicating growth impulses has turn around and registered healthy growth during January 2017. We expect this trend to continue in the current year which will have positive impact on machine tool industry.
(Director General, IMTMA)
MACRO ECONOMIC - INDICATORS
1.Gross Domestic Product :As per the second advance estimates of national income, released by the Central Statistics Office (CSO) on February 28, 2017, growth rate of Gross Domestic Product (GDP) at constant market prices is placed at 7.1 per cent in 2016-17 as compared to 7.9 per cent in 2015-16
2.Industrial Production (IIP) : The Index of Industrial Production (IIP) grew by 2.7 per cent in January 2017, as compared to a contraction of 1.6 per cent in January 2016. The IIP growth during April-January 2016-17 was 0.6 per cent, as compared to 2.7 per cent during April-January 2015-16.
3.Exports & Imports :The value of merchandise exports and imports increased by 17.5 per cent and 21.8 per cent respectively in US dollar terms in February 2017 over February 2016. During April-February 2016-17, merchandise exports increased by 2.5 per cent, while imports declined by 3.7 per cent.
4.Wholesale price index :The WPI headline inflation increased to 6.5 per cent in February 2017 from 5.2 per cent in January 2017. CPI (New Series) inflation increased to 3.7 per cent in February 2017 from 3.2 per cent in January 2017.
5.Foreign Exchange Reserves : Foreign exchange reserves were US$ 364.0 billion at the end of February 2017 compared to US$ 360.2 Bn on end March 2016. The rupee appreciated against the US dollar, Pound sterling and Euro by 1.5 per cent, 0.1 per cent and 1.2 per cent respectively, while depreciated against Japanese Yen by 0.3 per cent in February 2017 over January 2017.
EIGHT CORE INDUSTRIES
The index for eight core industries (comprising crude oil, petroleum refinery products, coal, electricity, cement, steel, natural gas and fertilizers) with a weight of 37.9 per cent in the IIP increased by 4.8 per cent during January 2017 as compared to growth of 7.9 percent during January 2016. During April-January 2016-17 Core Sectors grew by 0.6 percent compared to 2.7 percent growth in the corresponding period of previous year.
INDUSTRIAL - INDICATORS
Percentage Change in Index of Industrial Production
Indian Machine Tool Manufacturers’ Association; Head Office : 10th Mile, Tumkur Road, Madavara Post, Bengaluru, Karnataka (India) 562123; Regd. Office : Plant No.13, Extension Office, Godrej Campus, Vikroli East, Mumbai – 400079
CIN : U29290MH1973GAP016420; Tel : 91-80- 66246600; Email : email@example.com; Contact in case of queries & grievances : V Anbu, CEO & Director General (Please send all communications to Head Office)