Indian Economy News & Discussion - Nov 27 2017

Bart S · Post by **Bart S** » 28 Apr 2018 00:07

We badly need a massive expansion in warehousing, food processing and cold storage industries, plus a modern supply chain. The last attempt at getting one in place via Walmart type retailers fell flat on its face, but something new and workable has to be tried at least.

schinnas · Post by **schinnas** » 28 Apr 2018 00:22

Happening slowly through retail industry.

Suraj · Post by **Suraj** » 28 Apr 2018 01:03

Rs 20,000 cr surplus in GST compensation cess fund as of end-March

The Centre has a surplus of Rs 20,000 crore in the GST cess fund as of March 31 which will be used to compensate the states for revenue shortfall suffered due to the roll out of the Goods and Services Tax. In the last fiscal, the government collected Rs 62,021 crore as cess on sin and luxury goods. This amount will make up for the compensation kitty used to make good for any revenue shortfall faced by states on implementation of GST. However, the compensation released to the states for July till February was Rs 41,147 crore to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.

“There is over Rs 20,000 crore surplus in the cess fund. It will be utilised for compensating the states. So far compensation has been released till February. Compensation for March and April will be released in May,” an official said. Under the GST, states were compensated once in every two months for any revenue loss suffered on account of GST.

The revenue gap of each state is coming down over last eight months. The average revenue gap of all states for last year is around 17 per cent, the finance ministry said in a statement. For 2018-19, the government has budgeted to collect Rs 61,331 crore as GST compensation cess.

SBajwa · Post by **SBajwa** » 28 Apr 2018 03:32

The tomato growers in Bhiwani and Charkhi Dadri are forced to dump their produce on the roads in the absence of adequate prices in the vegetable markets. The farmers are not getting a good price for tomatos even after the state government has introduced the Bhavanter Bharpay Yojana (BBY) to ensure a better price for vegetables and fruits.

This is criminal especially when in many other places in our country people are sleeping with empty stomachs. I think politicians are also behind this! Remember Sheila Dixit became CM because of shortage of Onions for 3 terms! pangs of democracy!

it is like a yo-yo one year it is too much next it is too little!! a very simple logistical issue that can easily be solved!!

chetak · Post by **chetak** » 28 Apr 2018 10:16

Deleted.

Do NOT restore a post after it’s been edited or removed by the moderator. Poster formally warned .

jaysimha · Post by **jaysimha** » 28 Apr 2018 14:20

https://www.investindia.gov.in/sites/de ... 20Rise.pdf
Invest in India update

Supratik · Post by **Supratik** » 28 Apr 2018 17:03

Surjit Bhalla on jobs growth.

http://indianexpress.com/article/opinio ... n-5154381/

chetak · Post by **chetak** » 28 Apr 2018 21:52

chetak wrote:Deleted.

Do NOT restore a post after it’s been edited or removed by the moderator. Poster formally warned .

Suraj,

Check again.

The post remained after your edit.

I did not restore it.

I did not even dispute it.

I understand the rights of an admin to remove any post without giving a reason.

BTW, there were two posts quoting separate news articles on the same topic.

Was that the confusion??

Suraj · Post by **Suraj** » 28 Apr 2018 22:58

You are wrong. You were off topic both times AND you contravened prior admin actions - even if one were to believe your claim, which I don’t .

Suraj · Post by **Suraj** » 28 Apr 2018 23:29

GST collection in first 9 months of its roll out at Rs 7.41 trillion

Goods and services tax (GST) collection in the first nine months of its roll out during 2017-18 stood at Rs 7.41 trillion, even as average monthly collection turned out lower than initial targets of the government.

The monthly average was Rs 890 billion, against the targeted Rs 920 billion. However, very close to the FY18 Revised Estimates (RE) of the Union Budget. GST was enforced from July 1.

The figures issued by the government on Friday comprised Central GST (CGST) and State GST (SGST) for August-March 2017-18 and integrated GST (IGST) and compensation cess for July-March.

"During 2017-18, total revenue collected was Rs 7.19 trillion," the finance ministry said. If one adds the cess and IGST collection for July, the total stood at Rs 7.41 trillion.

Revised Estimates in the Budget pegged collection at Rs 4.44 trillion. Actuals released by the government on Friday showed the Centre's collections at Rs 4.5 trillion.

The government has achieved the RE target on indirect tax collection for 2017-18, an official said.

Excellent move:
Govt starts monthly job data, may junk labour bureau's quarterly survey

The Union government has begun the process to do away with the only official enterprise-based quarterly jobs survey and has started releasing monthly payroll data for employment in the formal sector.

This is a part of the government’s efforts to overhaul official employment estimates.

Prime Minister’s Principal Secretary Nripendra Misra chaired a meeting with top bureaucrats on April 18 to discuss the roadmap for collecting employment data. The Prime Minister’s Office (PMO) has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.

With the 2019 general elections, the government is under pressure to substantiate job creation in the economy as the present official estimates represent a small sample of the job market or have been captured with respect to the old timeframe.

Exports from SEZs rise 18% in 2017-18

Export from Special Economic Zones (SEZs) rose 18 per cent in 2017-18, due to progress in terms of clearances and facilities.

Data compiled by the Export Promotion Council of India for Export Oriented Units and SEZs (EPCES) under the ministry of commerce reported total merchandise and software export of Rs 5,513 billion ($85 billion) in FY18, from Rs 4,686 bn the previous year.

The jump was despite levy of Minimum Alternate Tax (MAT), imposition of Dividend Distribution Tax (DDT) and the impending sword of a sunset clause from 2020, when tax benefits are to end. EPCES has urged the government to continue with the exemptions granted to SEZs and EOUs, and to remove MAT and DDT from these zones. There are 204 of these in the country.

Changing GST rules, pending refunds continue to hamper SEZ exports

Incessant changes to the goods and services tax (GST) rules, also affecting refunds, and procedural issues affect export from special economic zones (SEZs). The Export Promotion Council for Export Oriented Units & Special Economic Zones (EPCES) has listed a number of persisting procedural and regulatory obstacles.

“There have been a staggering 367 changes to the GST rules till April 15, since the new tax structure came into being last year,” EPCES Chairman Vinay Sharma said.

A one-size-fits-all policy, he added, was not taking into account many ground realities. Both Arun Goyal, special secretary, GST Council, and Yogendra Garg, additional director general, Directorate of GST, have been urged by businesses to allow the use of regional languages during the generation of e-way bills.

The issue of pending GST refunds continues to dog exports. While refunds from the central government have started flowing, those from state governments are still piling up, said Sharma. SEZ exporters say over 60 per cent of their refunds are stuck, severely reducing their working capital.

vijayk · Post by **vijayk** » 29 Apr 2018 02:04

Kakkaji · Post by **Kakkaji** » 29 Apr 2018 08:58

Bart S wrote:The last attempt at getting one in place via Walmart type retailers fell flat on its face

Has the GoI allowed foreign multi-brand retailers like WalMart to set up shop in India yet? If not, then how can we call it a failure?

Grain silos, warehouses, cold storages etc at the back-end would need demand pull from large grocery chains (Indian or Foreign) at the front-end. Attempts are on, but the scale has not been reahed yet. Huge investments are needed to build the infrastructure for a modern food chain, just like in roads and railways. Government does not have enough money, so private investment, both desi and foreign, will be needed.

chetak · Post by **chetak** » 29 Apr 2018 11:10

Deleted.

chetak · Post by **chetak** » 29 Apr 2018 11:24

Kakkaji wrote:
Bart S wrote:The last attempt at getting one in place via Walmart type retailers fell flat on its face
Has the GoI allowed foreign multi-brand retailers like WalMart to set up shop in India yet? If not, then how can we call it a failure?

Grain silos, warehouses, cold storages etc at the back-end would need demand pull from large grocery chains (Indian or Foreign) at the front-end. Attempts are on, but the scale has not been reahed yet. Huge investments are needed to build the infrastructure for a modern food chain, just like in roads and railways. Government does not have enough money, so private investment, both desi and foreign, will be needed.

As long walmart sources local, it should be OK.

However, walmart's business model relies very heavily on their sourcing from china.

We have to wait and see exactly how their supply chain is structured and also that this china friendly supply chain, if implemented in India, does not lead to some BRI, OBOR and CPEC initiatives surreptitiously entering India through a back door under the garb of walmart.

Prasad · Post by **Prasad** » 29 Apr 2018 13:16

Anecdote - McDonalds took years (think it was 10 years or something) to source potatoes locally for their fries. Chew on that.

Supratik · Post by **Supratik** » 29 Apr 2018 15:37

All villages electrified.

https://www.livemint.com/Industry/ORuZW ... urday.html

Kishenganga hydro project to be inaugurated.

http://indianexpress.com/article/india/ ... h-5155452/

Supratik · Post by **Supratik** » 29 Apr 2018 16:21

Govt to start monthly job data collection.

http://www.business-standard.com/articl ... 649_1.html

pankajs · Post by **pankajs** » 30 Apr 2018 07:58

https://economictimes.indiatimes.com/in ... 964841.cms
RuPay set to emerge No 2 card in volume and value of deals

NEW DELHI: India’s indigenous RuPay cards will pip one of the two top international card giants, Visa and Mastercard, on the value and volume of transactions done through them in the country this calendar year, a top official has said.

Also, some 30 countries have approached India for the technology of ‘BHIM UPI’ platform for digital payments launched by Prime Minister Narendra Modi about 16 months ago, Dilip Asbe, chief executive at National Payments Corporation of India (NPCI), told the country’s top bureaucrats at a meeting last week.

jaysimha · Post by **jaysimha** » 30 Apr 2018 14:44

http://pib.nic.in/newsite/pmreleases.aspx?mincode=15
PIB link on Ministry of finance

jaysimha · Post by **jaysimha** » 30 Apr 2018 14:45

http://pib.nic.in/newsite/pmreleases.aspx?mincode=16
PIB link of Ministry of Commerce & Industry

Vasu · Post by **Vasu** » 30 Apr 2018 15:43

Government mops up Rs 1.5 lakh crore additional tax, to chase 65 lakh non-filers

The Union government's drive towards higher compliance has already helped it garner additional Rs 1.5 lakh crore in direct taxes during 2017-18 and get a record number of new filers. But it is not done yet with the tax department chasing 65 lakh people who it suspects did not file returns last year as it hopes to expand the taxpayer base to over 9.3 crore.

On last count, the government had mopped up Rs over Rs 10 lakh crore as direct taxes, compared to a shade under Rs 8.5 lakh crore in 2016-17.

Some of the "potential assesses" will be targeted through the non-filers management system (NMS) that the tax department has deployed successfully over the last few years. One of the focus areas will be those who had deposited Rs 10 lakh or more in old Rs 500 and Rs 1,000 notes but did not care to file their returns. Of the over 3 lakh people in this category, around 2.1 lakh have filed returns and paid close to Rs 6,500 crore in self-assessment tax.

nam · Post by **nam** » 30 Apr 2018 19:17

So IT department is chasing people who thought they can get away by depositing their cash during DeMo. This should settle the debate on DeMo.

The ones who did not deposit got away. Not the ones who did.

Supratik · Post by **Supratik** » 30 Apr 2018 21:00

From above numbers 5.5 lakhs additional (not due to demo) are under the IT radar.

Karthik S · Post by **Karthik S** » 30 Apr 2018 21:41

India's engineering exports hit an all time high of $76 billion

https://economictimes.indiatimes.com/ne ... n&from=mdr

VKumar · Post by **VKumar** » 30 Apr 2018 22:19

SBajwa wrote:
The tomato growers in Bhiwani and Charkhi Dadri are forced to dump their produce on the roads in the absence of adequate prices in the vegetable markets. The farmers are not getting a good price for tomatos even after the state government has introduced the Bhavanter Bharpay Yojana (BBY) to ensure a better price for vegetables and fruits.
This is criminal especially when in many other places in our country people are sleeping with empty stomachs. I think politicians are also behind this! Remember Sheila Dixit became CM because of shortage of Onions for 3 terms! pangs of democracy!

it is like a yo-yo one year it is too much next it is too little!! a very simple logistical issue that can easily be solved!!

Who should ensure better price for farmers? Government? Consumer? All players in the chain?

Fact is that in European countries, at time of tomato harvest, from July to September, tomato processors are busy converting the crop into canned and bottled products. This is lacking in India and not because government is not supporting food processing but because the per capita consumption of processed food is very low in India.

I have recommended that MOFPI should help create a positive feeling for processed food in the mind of consumer.

Furthermore, imports of processed food are a risk free and low cost way to acquaint consumers with a very wide range of processed food and thus create a market for domestic players.

Government needs to think out of the box, otherwise the only solution is to continue SOPS .

Vips · Post by **Vips** » 01 May 2018 18:13

In a first, GST revenue collection for a month exceeds Rs 1 lakh crore.

The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone.

News agency ANI reported that the gross GST revenue collected in April 2018 came at Rs 1,03,458 crore of which Central GST (CGST) is Rs 18,652 crore and State GST (SGST) is Rs 25,704 crore. The Integrated GST (IGST) came at Rs 50,548 crore while cess accounted for Rs 8,554 crore. Finance minister Arun Jaitley congratulated various stakeholders + hailing the record GST collection as "a landmark achievement and a confirmation of increased economic activity". I would like to congratulate all taxpayers, Hon’ble Members of the GST Council, State and Central Government tax administration for this achievement," he tweeted.

The finance ministry echoed Jaitley's sentiments, "The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance". Out of 87.12 lakh taxpayers, 60.47 lakh filed GSTR-3B, resulting in 69.5 per cent compliance," it tweeted via its official handle.
April was also the month for filing of quarterly return for composition dealers.Out of 19.31 lakh composition dealers,11.47 lakh filed their quarterly return(GSTR 4) , a 59.40 per cent compliance and paid Rs 579 crores as GST.

The spike in GST revenue may also be linked to the roll out of e-way bills which was touted as a major anti-evasion measure.

hanumadu · Post by **hanumadu** » 01 May 2018 19:30

Some of the uptick is because of the financial year end. We will have to wait for April returns to see how much of that is sustainable.

Suraj · Post by **Suraj** » 01 May 2018 20:32

Boss, that is April data ..

srin · Post by **srin** » 01 May 2018 20:44

Suraj wrote:Boss, that is April data ..

I'm not so sure, actually. My understanding is that the transactions for March are filed in April and composition dealers file quarterly (no invoice matching), so the April filing would include all the transactions for Jan-Mar. I don't know what the 1 lakh crore number actually consists of.

It is a huge milestone nevertheless.

Suraj · Post by **Suraj** » 01 May 2018 20:58

Well, there is an element of that in all monthly data. Even April filings will be made until past May. But, the article lists the reporting month as April, that's all I'm saying.

A_Gupta · Post by **A_Gupta** » 02 May 2018 00:17

https://tradingeconomics.com/india/construction-output
India "Infrastructure Output"

India's infrastructure output increased by 4.1 percent year-on-year in March 2018, easing from an upwardly revised 5.4 percent growth in the previous month, as output rose at a softer pace for:

* refinery products (1 percent vs 7.8 percent in February);
* electricity (4.5 percent vs 4.6 percent); steel (4.7 percent vs 5 percent); and
* cement (13 percent vs 23 percent).

In addition, crude oil production shrank for the fourth consecutive month (-1.6 percent vs -2.4 percent).

On the other hand, natural gas output rebounded 1.3 percent, after a 1.5 percent decline in February, and coal production expanded at a faster rate (9.1 percent vs 1.3 percent).

Considering the 2017/18 fiscal year that ended in March, infrastructure output growth slowed to 4.2 percent from 4.8 percent in the previous fiscal year.

Suraj · Post by **Suraj** » 02 May 2018 00:37

That's the core sector output data. First time I'm seeing it called 'infrastructure output'. The core sector components (coal, steel, cement, electricity, refinery, natural gas, crude oil, fertilisers) comprise just over 40% of the IIP. There are some anomalies to the weightages of each of the 8 components, which makes them likely to be volatile:
Crude oil, refinery products decelerate March's core industries output

On a sector-specific basis, refinery products, which has the highest weightage of 28.03 per cent, grew by just 1 per cent in March 2018 as compared with the corresponding month of the last fiscal.

Electricity generation, which has the second highest weightage of 19.85, picked up by 4.5 per cent.

Steelproduction, the third most important component with weightage of 17.92, rose by 4.7 per cent during the month under review, whereas coal mining, with a 10.33 weightage, edged higher by 9.1 per cent.

On the other hand, extraction of crude oil, which has an 8.98 weightage, declined by (-)1.6 per cent during the month under consideration.

The sub-index for natural gas output, with a weightage of 6.88, inched up by 1.3 per cent.

Cementproduction, which has a weightage of 5.37, edged higher by 13 per cent in March 2018.

Fertiliser manufacturing, which has the least weightage -- only 2.63 -- edged-up by 3.2 per cent during the month under review.

The three hydrocarbon related core sector items (crude oil output, refinery output, natural gas) together compose 44% of the core sector basket. That seems pretty odd. I would have thought Electricity, steel and cement would have much higher weightages than they do. Just 5.37 weight for cement but 8.98 for crude oil extraction ? We are the world's second largest producer of cement by a long distance, but a nobody in oil production. Electricity growth is strong, and so is coal output. As the end of that article says:

"Coal, steel, Cement and Electricity Sectorhas done well in March 2018. Coal sector performance is noteworthy, after five months of lackluster growth coal production grew 9.1 per cent," Devendra Kumar Pant, Chief Economistat IndiaRatings & Research was quoted as saying in a statement.

"Sequential decline in core sector growth in March 2018 is mainly explained by decline in Refinery Productsproduction, which declined to 1 per cent in March 2018 from 7.8 per cent in February 2018."

The core sector data is starting to look skewed because of the outsized weightages applies to three hydrocarbon activities whose output will in any case by volatile.

Rahulsidhu · Post by **Rahulsidhu** » 02 May 2018 02:22

Auto sales continue to do well

India’s top car makers reported an 11.99% growth in sales in April, as sales recovered in semi-urban and rural markets

https://www.livemint.com/Industry/rehID ... areas.html

Some trends to note:
1) Growth in cars coming from outside big cities, indicating a healthy rural economy and a possible saturation in the main cities due to congestion+ emerging means of transport.

2) The average quality is improving:

The compact car segment, comprising the Baleno, Swift and Ignis hatchbacks, led the way with a 31.85% growth over a year ago to 83,834 units. While the premium hatchback Baleno continues to do well, volumes were driven by the new Swift, which was unveiled during the Auto Expo in February.

Sales of old workhorses Alto and WagonR declined by 2.84% to 37,794 units, reversing the one-off increase in March, while the Ciaz sedan also dragged volumes with a 27.16% decline to 5,116 units.

3) Commercial vehicles growth is beating everything else.

Domestic sales of commercial vehicles in the month under review grew by 126% to 36,276 units compared to 16,017 units in the year-ago period.

https://www.livemint.com/Companies/NHlQ ... units.html

disha · Post by **disha** » 02 May 2018 02:27

Rise in Poverty:

http://www.thehindu.com/news/national/a ... 741825.ece

vijayk · Post by **vijayk** » 02 May 2018 04:11

Prem · Post by **Prem** » 02 May 2018 05:18

https://www.linkedin.com/pulse/how-indi ... ublished=t
How India Can Become a Driver of Global Growth

Today, some 70 years after Independence, India is coming of age. In 2017, India spent $77 billion in R&D and is now sixth in the world – slightly behind South Korea and well ahead of France. It has established itself as a leader in multiple industries, including digital technology, life sciences, automobiles, solar energy and aerospace.Life expectancy has increased from 32 to 69 years, literacy has risen from 18% to 74% and the number of people living below the poverty line has decreased from 70% to 22%.Many of India’s successes are mind-boggling and yet little known to the rest of the world. It was the first country to successfully reach Mars orbit in its first attempt. Its innovative approach to reverse-engineering of medication generates affordable treatments at sometimes unheard-of pricing – hepatitis B vaccines at 30 cents per dose. And its generics industry is second to none. This has made it possible for charitable organizations, including UNICEF and Global Fund to Fight AIDS, to deliver much-needed infectious disease therapies to some of the most impoverished regions. Johnson & Johnson has also forged partnerships with India in public health and scientific innovation, building on our many decades operating there. Last year, our scientists partnered with researchers at India’s Institute of Microbial Technology (IMTECH), part of the Council of Scientific and Industrial Research (CSIR), to discover and develop new treatments for tuberculosis.

But India’s most pronounced success is its digital leadership. The country built the world’s first national digital infrastructure, known as Aadhaar, that Forbes recently equated to the construction of the European railroads and U.S. highways in both historical and socioeconomic significance.[1] Aadhaar revolutionized communication and commerce and continues to attract investment from titans Google, Microsoft, Qualcomm and Samsung.With investment and partnership has also come a significant improvement in disposable income and a rising middle class. And with a huge population of young, well-educated people who have come of age in a technologically sophisticated society, India’s growth potential is exponential.But India’s role as a global driver of growth will hinge on its ability to unlock the full power of its growing youth population and #women - especially in the areas of #science, #technology and #innovation.Progress is happening, yet 40% of India’s youth remain unemployed and the country remains disturbingly low on the list of women labor. https://www.weforum.org/agenda/2017/10/ ... y-in-2017/ . And although India has made progress toward gender equality in the sciences, tripling the proportion of women who are principal investigators between 2000 and 2009[2], the number of women in science still lags men and many do not pursue PhD or post-doctoral research at all. As in the West, women “drop out” of all #STEM careers in India at alarming numbers due to gender bias, lack of support within the workplace and pressure at home.But I am encouraged. Changes are being made at India’s STEM institutions, including adoption of anti-harassment and anti-discrimination policies and childcare support programs. India’s women in STEM would greatly benefit from better enforcement of these policies and programs, and more can be done. Anti-bias training, intentional leadership advancement strategies, and development of mentorship programs can go a long way to increasing the number of women who pursue - and stay in - STEM careers.India has already shown us that with the right leadership, policies and investments, remarkable progress can be made in a very short time. It is not unimaginable that with implementation of intentional strategies for fair inclusion of women in STEM, India could serve as a global model for gender equality and a new era of explosive economic growth. As Prime Minister Narendra Modi told an assembly of scientists in January, “Dream, imagine and explore. You will have no better supporter than me.”[3]

vera_k · Post by **vera_k** » 02 May 2018 07:03

India’s Crude-Oil Crunch

Four years ago, India exported $310 billion worth of goods a year. Now, it exports $302 billion a year

If the rupee does in fact hit record lows, India shouldn’t mourn. It should see the new level as a boost for its exporters, an unhoped-for reduction in the price of Indian goods.

Prem · Post by **Prem** » 02 May 2018 09:16

https://economictimes.indiatimes.com/ne ... n&from=mdr
India's engineering exports hit an all time high of $76 billion

ndia's engineering exports have reached an an all-time high of $ 76 billion during 2017-18 , growing by near 17 per cent year on year thanks to robust performance of the sector in the previous financial year but for February and March, according to an analysis done by the EEPC India. Engineering exports which account for over 25 per cent of the country's total merchandise exports had grown to $76.20 billion in fiscal 2017-18 against $65.23 billion in 2016-17. The stellar performance of the sector is mainly attributed to the metal pack even as the US remained the top market for us," EEPC India chairman Mr Ravi Sehgal said. Iron and steel exports showed a 29.42 per cent growth during April –March 2017-18 to $11.20 billion from $8.66 billion during the previous fiscal. Products of iron and steel recorded growth in exports by 14.82 per cent to USD 6.76 billion during 2017-18 against $5.89 billion during 2016-17.

hanumadu · Post by **hanumadu** » 02 May 2018 10:18

Suraj wrote:Well, there is an element of that in all monthly data. Even April filings will be made until past May. But, the article lists the reporting month as April, that's all I'm saying.

I saw that it was mentioned as April data in the article but I discounted it as DDM. The tax revenues for the month of March were expected to cross 1 lakh crore way back in January itself.

jaysimha · Post by **jaysimha** » 02 May 2018 12:02

http://pib.nic.in/PressReleaseIframePag ... ID=1530839

Ministry of Commerce & Industry
Index of Eight Core Industries (Base: 2011-12=100) March, 2018
Posted On: 01 MAY 2018 5:00PM by PIB Delhi
The summary of the Index of Eight Core Industries (base: 2011-12) is given at the Annexure.

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 138.0 in March, 2018, which was 4.1 per cent higher as compared to the index of March, 2017. Its cumulative growth during April to March, 2017-18 was 4.2 per cent.