Even as the composite project cost index, as measured by ERIL Index of Cost of Project Inputs, inched up for the ninth consecutive month, the cost index showed only 2 per cent escalation by the end of fiscal 2014 (on point-over-point basis), which is less than 2.4 per cent similarly computed increase in fiscal 2013 and 6.3 per cent two years ago. During April-February 2013-14, capital goods production showed 2.5 per cent decline and machinery import an 18 per cent drop, though production of cement and alloy, and non-alloy steel, showed subdued increase of 3.3 per cent and 4.2 per cent respectively.

Computed by Economic Research India Pvt. Ltd, the ERIL Index measures project cost escalation in terms of WPI of material inputs relevant in project construction.

Trends during March
The composite wholesale price index for non-metallic mineral products rose 0.7 per cent during the month due to higher price of marbles (5 per cent), bricks and tiles (2 per cent), and railway sleepers and white cement (1 per cent each).

The aggregate WPI for basic metals, alloys and metal products was up by 0.6 per cent due to higher price of rails (6 per cent), brass (5 per cent), pencil ingots (4 per cent), nuts, bolts, screws, washers and zinc (3 per cent each), ferrochrome, ferrosilicon, steel castings, silver and GP/GC sheets (2 per cent each), and ferromanganese, sheets, joists and beams, aluminium and metal containers (1 per cent each).

The combined WPI for machinery and machine tools increased 0.2 per cent due to higher price of battery dry cells (8 per cent), fibre optic cable (3 per cent), TV sets and air conditioners and refrigerators (2 per cent each), and ball/roller bearings and control equipment (1 per cent each). However, the WPI of sprinklers and capacitors declined 1 per cent each.

The total WPI for transport, equipment and parts rose 0.2 per cent during the month due to higher price of tractors (3 per cent) and auto parts (1 per cent).

ERIL INDEX OF COST OF PROJECT INPUTS: MARCH 2014
Wholesale Price Index: 2004-05=100
 
Index
Y-o-Y Increase (%)
Increase since March (%)
 
 
2014/13
2013/12
2013
2012
Non-metallic Mineral Products
167.6
9.8
5.4
0.5
5.4
Structural Clay Products
183.2
-1.3
4.4
9.3
4.4
Cement & Lime
165.4
-4.0
5.6
-4.0
5.6
Basic metals, Alloys & Metal Products
167.6
1.7
0.9
1.7
0.9
Ferrous Metals
157.5
1.8
-0.1
1.8
-0.1
Non-ferrous Metals
166.5
3.1
2.1
3.1
2.1
Machinery & Machine Tools
132.7
2.6
2.4
2.6
2.4
Industrial Machinery
151.2
2.4
2.4
2.4
2.4
Construction Machinery
136.9
0.1
3.6
0.1
3.6
Air-conditioners & Refrigerators
119.4
5.0
3.3
5.0
3.3
Non-electrical Machinery
124.2
0.9
0.2
0.9
0.4
Electrical Machinery & Batteries
137.6
2.6
2.4
2.6
2.4
Electrical Accessories, Wires & Cables
151.2
4.3
3.5
4.3
3.5
Transport Equipment & Parts
135.8
2.7
4.6
2.7
4.6
Automotives
135.2
2.7
4.9
2.7
4.9
Auto Parts
135.5
3.2
3.4
3.2
3.4
Composite ERIL Index for Project Inputs
150.2
2.0
2.4
2.0
2.4
Overall WPI
179.8
5.7
5.7
5.7
5.7

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