India's industrial production growth inches up to 5.2% in January

13 Mar 2023 Evaluate

In line with good performance of the power, mining and manufacturing sectors, India's industrial production growth perked up slightly to 5.2 per cent in January 2023 from 4.7 per cent in December 2022. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2 per cent in January 2022. For the month of January 2023, the Quick Estimates of IIP with base 2011-12 stood at 146.5. For the first 10 months of the current fiscal (April-January), the growth in IIP works out to be 5.4 per cent, down from 13.7 per cent in the year-ago period.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew 3.7 per cent in January 2023 from 1.9 per cent a year ago. Mining output rose 8.8 per cent during the month under review compared to 3 per cent in January 2022. Power generation also surged 12.7 per cent in January 2023 against 0.9 per cent in the year-ago month. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2023 stood at 135.9, 144.3 and 186.6 respectively.

The capital goods segment recorded a growth of 11 per cent in January against a growth of 1.8 per cent in the corresponding month of the last fiscal. Consumer durables output declined by 7.5 per cent compared to a contraction of 4.4 per cent a year ago. Consumer non-durable goods output expanded by 6.2 per cent against a growth of 3.1 per cent earlier. Infrastructure/construction goods too posted a growth of 8.1 per cent compared to a 5.9 per cent expansion in the same month of 2022. The data also showed that the output of primary goods logged 9.6 per cent growth in the month against 1.6 per cent in the year-ago period. The intermediate goods output growth decelerated to 0.1 per cent from 2.5 per cent earlier.

As per Use-based classification, the indices stood at 149.6 for Primary Goods, 105.3 for Capital Goods, 153.6 for Intermediate Goods and 171.7 for Infrastructure/ Construction Goods for the month of January 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 109.6 and 164.0 respectively for the month of January 2023.

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