Inputs to Index of Industrial Manufacturing now being shared with ministries

The Ministry of Statistics and Programme Implementation (MoSPI) has established a mechanism to share inputs on industrial exercise in India with related ministries and departments to carefully monitor and reply to sector-specific progress.

The data is shared month-to-month by means of this train after the official Index of Industrial Manufacturing (IIP) knowledge is launched.

“We determine sectors the place manufacturing is lagging-for occasion, manufacturing or electricity-and write to the ministry involved concerning the year-on-year progress developments,” mentioned a authorities official, who didn't want to be recognized.

Via this course of, the departments involved are made conscious of sectoral developments, serving to them determine and tackle points.

“It is a good monitoring and monitoring train, which boosts the power to analyse knowledge extra successfully and align that with acceptable coverage responses,” mentioned Sakshi Gupta, principal economist at HDFC Financial institution. “It higher allows ministries to take well timed motion and adapt methods primarily based on growing developments specifically sectors.”

The mechanism was launched by the MoSPI earlier this yr, the official mentioned, including, “Inputs have been despatched to the Ministry of Energy and the Division for Promotion of Business and Inner Commerce.”
India's industrial manufacturing fell to a nine-month low of 1.2% in Might, owing to a contraction in mining and electrical energy sectors, at the same time as manufacturing sector progress remained modest, in line with official knowledge launched final month.
Consultants attributed the slowdown to components such because the early arrival of the monsoon and weak city demand.
Among the many three main sectors, solely manufacturing grew in Might, increasing 2.6%. Mining and electrical energy output contracted 0.1% and 5.8%, respectively.

Official IIP figures for June might be launched later this month.

Along with monitoring industrial developments, the MoSPI has instituted a separate mechanism to share knowledge on inflation-driving components with central ministries and state governments each month, ET reported earlier.

The inputs on inflation have been despatched to ministries and departments comparable to client affairs, agriculture, horticulture, animal husbandry, meals processing and agricultural analysis.