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  3. Industrial production grows at 3.2% in October on waning base effect

Industrial production grows at 3.2% in October on waning base effect

11 Dec 2021 Evaluate

India's industrial production growth remained subdued for the second straight month and expanded by 3.2 per cent in October, mainly due to the waning low base effect while mining, power and manufacturing sectors performed well. The IIP had grown by 4.5 per cent in October 2020. For the month of October 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 133.7 compared to 129.6 points in the same month last year. The index stood at 128.2 points in September 2021. During April-October this year, the IIP grew 20 per cent against a 17.3 per cent contraction in the same period last year.

The manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), grew 2 per cent in October. The mining sector output rose 11.4 per cent in October, while power generation increased 3.1 per cent. The manufacturing sector had recorded a growth of 4.5 per cent in October 2020. The mining sector output contracted one per cent in the same month. The electricity generation had grown by 11.2 per cent in October 2020. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2021 stood at 109.7, 134.7 and 167.3 respectively.

The output of capital goods, which is a barometer of investment, contracted by 1.1 per cent in October 2021. It had witnessed a growth of 3.2 per cent in the year-ago period. Consumer durables manufacturing contracted 6.1 per cent in the month under review against a growth of 18.1 per cent in October 2020. Consumer non-durable goods production grew 0.5 per cent in October against a 7.3 cent rise in the year-ago period. As per Use-based classification, the indices stood at 128.5 for Primary Goods, 90.3 for Capital Goods, 143.7 for Intermediate Goods and 151.8 for Infrastructure/ Construction Goods for the month of October 2021. Further, the indices for Consumer durables and Consumer non-durables stood at 125.6 and 149.5 respectively for the month October 2021.

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