Amidst the coronavirus pandemic in the country, there is a good news on the industrial front of India. Factory output of India measured by the Index of Industrial Production (IIP) shows that wood and furniture industry expanded 7.2% and 2.8% respectively in Feb 2020 compared to the same month of last year. In comparison, furniture had expanded at 9.2% in the previous month of Jan 2020.This new data for industrial production has been released by the Central Statistics Office.
According to officials, among the 23 industries tracked by the Central Statistics Office's Index of Industrial Production, the furniture industry had the thirteenth lowest growth rate. Growth in the furniture industry was less than that in overall industrial output, which grew 4.5% in said period. Furniture made up 0.13% of the overall index of industrial production (IIP).
Apart from furniture, wooden industry ranked sixth number in index with the growth rate of 7.52 percent just below the other non-metallic miner industry with growth of 7.96% on fifth number in index. The furniture industry had the thirteenth lowest growth rate while wood industry ranked among top sixth in industry growth rate of IIP.
Across all industry sectors, the growth rate was highest in manufacture of basic metals 18.2%, mining was second in top with 9.96%, and lowest in manufacture of motor vehicles, trailers and semi-trailers -15.63% followed by computer & electronic with negative growth of -14.83 %. Machinery segment was also performed negative growth -6.92% in index.
Factory output is measured by the Index of Industrial Production (IIP), a composite index that measures changes in the volume of production of selected industrial goods.