Skip to main content

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

 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

Popular posts from this blog

Shrinking footprints of foreign banks in India

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…

New money laundering norms stump jewellery sector

New money laundering norms stump jewellery sector Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low The central government has notified the money laundering rules for the gems and jewellery sector with immediate effect. Now, any entity deals in precious metals, precious stones, or other high-value goods and has a turnover of Rs 2 crore or more in a financial year will be covered under the Prevention of Money Laundering Act, 2002 (PMLA, 2002). The limit of Rs 2 crore would be calculated on the basis of the previous year’s turnover, said the notification. The directorate general of goods and service tax intelligence has been appointed under the Act. Sources said the government’s move to apply the PMLA to the jewellery sector was a fallout of income-tax raids on jewellers soon after demonetisation last November, when it was found that they sold gold and jewellery at a huge premium and accepted old currency notes as payment. The notification, issued on Augus…

Confusion over branded food GST

Confusion over branded food GST The GST Council's statement over the weekend on applying tax on branded food items has left most of the trade confused.

Even though the Council has not changed the rates on food -0 per cent on unbranded stuff and 5 per cent on brands -many small traders who didn't levy GST earlier said they could come under the 5 per cent slab after the clarification.

While they predicted some increase in consumer prices, large players said they can absorb GST in many ways and keep prices steady.

"Trade is confused and hence on behalf of our chamber, we have asked our members to go ahead and charge 5 per cent GST," said Sushil Sureka, general secretary of the Ahilya Chamber of Commerce and Industry in Indore.

The statement clarifying the application of GST came after some businesses were found deregistering their brands and selling under corporate brand name without paying tax, after the Council exempted unbranded food from the new all-encompassing indirec…