India’s industrial activity expects to gather pace: Crisil Research

22 Feb 2022 CW Team

The industrial activities in India are expected to gather pace in the coming months due to a gradual pick-up in consumption and investment demand.

The latest Index of Industrial Production (IIP) printed at 138 index reading representing a 0.4% year-on-year (YoY) growth, down from 1.3% growth in November.

According to Crisil Research, there was an improvement in the momentum in industrial activity in December and expected to ease raw material supply disruption.

Besides, the slowdown in on-year IIP growth to 0.4% in December, from 1.3% in November, reflected weaker manufacturing activity at 77.6%, the largest component of IIP.

IIP declined by 0.1% YoY in December, whereas mining and electricity increased by 2.6% and 2.8%, respectively, showing an overall decline in IIP growth.

The weakness in manufacturing growth was in sync with the Purchasing Managers Index, which eased to 55.5 in December from 57.6 in November.

According to Crisil Research, industrial growth declined in January due to rising Omicron cases. It could also have slowed demand and logistics.

Raw material shortages are also getting managed, and consumption and investment demand are expected to increase. Moreover, the government is expected to step up capital expenditure (capex), which should increase the pace of the manufacturing of infrastructure-related products and services.

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