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Economy Update
 

 
MONTHLY NEWS December 2016


Dear Member,

The Indian economy remained the world's fastest growing major economy in the July-September quarter rising on the back of healthy growth in agriculture but the outlook in the quarters ahead is clouded by the impact of the government's demonetisation.

Manufacturing and capital goods sectors are witnessing a weak trend indicating growth impulses are weak. However intermediate goods have continued to show a promising growth during October 2016, which will have positive impact on machine tool industry.


V Anbu
(Director General, IMTMA)

MACRO ECONOMIC - INDICATORS

1.Gross Domestic Product : As per the estimates of Gross Domestic Product (GDP) during the first Half of (April-Sept) 2016-17, released by the Central Statistics Office (CSO) on November 30, 2016, the growth rate of GDP in H1 of 2016-17 was 7.2 per cent as compared to the growth of 7.5 per cent in H1 of 2015-16.

2.Industrial Production (IIP) : Overall growth in the Index of Industrial Production (IIP) declined to -1.9 per cent in October 2016 as compared to 9.9 per cent in October 2015. The IIP growth during April - October 2016-17 was (-) 0.3 per cent as compared to 4.8 per cent during the corresponding period of previous year.

3.Exports & Imports : Merchandise exports increased by 2.3 percent and imports increased by 10.4 per cent in US$ terms in November 2016 over November 2015.

4.Wholesale price index : The WPI inflation for all commodities in November 2016 declined to 3.2 percent from 3.4 per cent as in October 2016. The all India CPI inflation (New Series- Combined decreased to 3.6 per cent in November 2016 from 4.2 percent in October 2016.

5.Foreign Exchange Reserves : Foreign exchange reserves were US$ 361.1 billion at the end of November 2016 compared to US$ 360.2 Bn on end March 2016. The rupee depreciated against the US Dollar by 1.3 and 1.8 percent respectively. While it appreciated against Japanese yen and Euro by 0.7 percent, 2.8 percent, respectively in November 2016 over the previous month of October 2016.

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 6.6 per cent during October 2016 as compared to growth of 3.8 percent during October 2015. During April-October 2016 Core Sectors grew by 4.9 percent compared to 2.8 percent growth in the corresponding period of previous year.

 

INDUSTRIAL - INDICATORS

Percentage Change in Index of Industrial Production

Industry Group Apr - October
2015-16
Apr - October
2016-17
October 2015 October 2016
General Index 4.8 -0.3 9.9 -1.9
Mining 2.2 -0.2 5.3 -1.1
Manufacturing 5.1 -1.0 10.6 -2.4
Electricity 5.2 4.6 9.0 1.1
Basic goods 4.5 4.0 4.2 4.1
Capital goods 9.0 -22.1 16.5 -25.9
Intermediate goods 2.5 3.5 6.3 2.9
Consumer goods 4.5 1.2 18.3 -1.6
Durables 11.7 6.4 41.9 0.2
Non-Durables 0.1 -2.5 4.8 -3.0

 

Source : CSO

 

Reference





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 : imtma@imtma.in; Contact in case of queries & grievances : V Anbu, CEO & Director General
(Please send all communications to Head Office)

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