IIP Data

IIP for March 2011 grew by 7.3% YoY –much above consensus estimates of 4.0%

·         IIP for the month of March 2011 grew by 7.3% YoY (v/s 3.7% YoY revised growth for February 2011), much higher compared with the consensus expectation of 4.0% YoY growth  

·         Sequentially the overall index has increased by 16.9% MoM, largely a seasonal phenomenon (IIP index was up by 12.9% MoM in March 2010)

·         Sequentially, the growth has improved substantially in the manufacturing segment, while sharp deceleration was seen in the mining segment     

·         Capital goods segment rebounded by recording a 12.9% YoY growth v/s a revised 18.4% YoY decline recorded in February 2011

·         Growth in the consumer goods segment declined to 7.7% YoY from 11.1% in February 2011 as the growth in the durables segment nearly halved to 12.3% v/s 23.4% in Feb’11. The growth in the durables segment stood at 20.9% for the full year FY11

·         IIP growth for the month of Feb’11 has been revised marginally upwards to 3.7% v/s 3.6% reported earlier. IIP growth for full year FY11 stood at 7.8% v/s 10.5% in FY10