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Decline in manufacturing of cotton textiles
13
May '08
The release of IIP numbers corroborate the concerns raised earlier by CII Manufacturing Council with respect to the growth rates of manufacturing.

According to IIP figures release the growth for the manufacturing has decline to 8.3% from 12.5% over the same period last year. Similarly electricity has dropped to 6.4% from 7.2% with overall decline to 8.1% from the previous year 11.6%.

The IIP data released reflects a drop in the growth across the sectors. The month of March in particular reflects a new low for manufacturing sector clocking growth of just 2.9%.

The various sectors contributed to this decline of manufacturing are cotton textiles, other textile products, wood and wood products, furniture and fixtures, basic chemicals and chemical products, non metallic products and transport equipment and parts.

This downtrend was reflected in the latest CII ASCON Survey released by CII's Manufacturing council last week.

The downtrend in the growth performance prevailed over the last year due to various much talked about reasons like high inflation, rupee appreciation and high interest rates.

Manufacturing sector was hit due to increase in raw material prices, increase in wage bill due to high competition and well known bottleneck with respect to infrastructure.

Manufacturing suffered a double whammy as it also suffered on account of low consumer spending as hike in interest rates made consumers defer their purchase and thus affecting the industrial output.

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