With poor show by manufacturing, power and mining sectors, India’s industrial production growth, measured in terms of the Index of Industrial Production (IIP), slowed down to a four-month low of 2.4 per cent in July. Factory output had expanded 11.5 per cent in July 2021. The data showed that the previous low in industrial output growth was recorded at 2.2 per cent in March this year. IIP grew 6.7 per cent in April, 19.6 per cent in May and 12.7 per cent in June. For the month of July 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 134.6. During April-July this year, IIP rose 10 per cent as against 33.9 per cent growth in the same period a year ago.
As per the data, the manufacturing sector expanded 3.2 per cent in July 2022 compared to 10.5 per cent recorded in the year-ago period. The power sector showed a growth of 2.3 per cent as against 11.1 per cent a year ago. The mining sector witnessed a contraction of 3.3 per cent in July 2022 whereas there was a growth of 19.5 per cent in the year-ago period. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2022 stood at 101.1, 135.2 and 188.9 respectively.
Capital goods output, which is a barometer of investments, rose 5.8 per cent in July 2022 as against 30.3 per cent growth in the year-ago month. The consumer durables segment grew 2.4 per cent compared to 19.4 per cent growth a year ago. The primary goods segment, which accounts for nearly 34 per cent of the index, expanded 2.5 per cent in July compared to 12.4 per cent growth in the year-ago period. As per Use-based classification, the indices stand at 148.9 for Intermediate Goods and 150.1 for Infrastructure/ Construction Goods for the month of July 2022. Further, the indices for Consumer non-durables stood at 143.0 for the month July 2022.
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