Skip to main content

IIP rises by 4.9% in April; retail inflation inches up to 4.87% in May

By
 IIP rises by 4.9% in April; retail inflation inches up to 4.87% in May
The industrial growth, measured on the Index of Industrial Production (IIP), was 3.2 per cent in April last year
Industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors. The industrial growth, measured on the Index of Industrial Production (IIP), was 3.2 per cent in April last yearIn March this year, industrial production had grown at 4.4 per cent. As per the data released by the Central Statistics Office (CSO), the manufacturing sector, which constitutes more than 77 per cent of the index, recorded a growth of 5.2 per cent in April, up from 2.9 per cent in the year ago month.
The mining sector too expanded by 5.1 per cent, up from 3 per cent in April 2017.The growth in power generation, however, slipped to 2.1 per cent in April this year, from 5.4 per cent in the year-ago month. Meanwhile, retail inflation inched up to 4.87 in May on increase in prices of certain items in the food basket, as per government data.Based on the Consumer Price Index (CPI), the inflation was at 4.58 per cent in the preceding month April.
In May last year, it was 2.18 per cent.As per the data of the Central Statistics Office (CSO), food inflation rose to 3.10 per cent last month, as against 2.8 per cent in April.The price data is collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts.The data is received through web portals, maintained by the National Informatics Centre.

The Business Standard, New Delhi, 13th June 2018

Comments

Post a Comment

Popular posts from this blog

SC order on RBI circular: More options for banks to tackle defaulting firms

By
Lenders also have the option of restructuring the loans Lenders to companies which are under stress could now have three options to deal with them if they default on loans: take a haircut as part of a one-time settlement, restructure the loans for a longer tenure as they did when corporate debt restructuring schemes were allowed, or go to the Insolvency and Bankruptcy Code (IBC) for redress. These changes in the options available to lenders come, according to PE funds and bank lawyers who are involved in the IBC process, in the wake of the Supreme Court on Tuesday setting aside the 12 February RBI circular, which allowed a 180-day window to banks to resolve a company default.But they can still find a resolution. According to a Reserve Bank of India circular, a loan becomes a non-performing asset when banks cannot find a way of recovering their money in 90 days. In short, banks still have a window to resolve the default. Lenders can take a haircut as part of a one -time settlement of du…
Post a Comment
Read more

April GST collections at new high despite rate rationalisation in December

By
Goods and services tax (GST) collection touched a record high in April, exceeding Rs 1 trillion for the third time in four months. The mop-up was 10 per cent higher over the previous year. Gross collection for the month was Rs 1.13 trillion, said the finance ministry. Despite the recent rate rationalisation in December, a rise in collection was reported. Of the total collected, the CGST (central GST) contributed Rs 21,163 crore, the SGST (state GST) Rs 28,801 crore, the IGST (integrated GST) Rs 54,733 crore (including Rs 23,289 crore on import) and cess Rs 9,168 crore (including Rs 1,053 crore on import). After settlement of the IGST and the balance IGST in a 50:50 ratio between the Centre and states on a provisional basis, the CGST stood at Rs 47,533 crore and SGST at Rs 50,776 crore. The CGST target in the Union Budget for 2019-20 is Rs 6.1 trillion. “The April collection indicates the tax base is increasing gradually, with GST getting stabilised with measures such as e-way bills and…
Post a Comment
Read more

Shrinking footprints of foreign banks in India

By
Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…
Post a Comment
Read more