India’s factory output growth rises to 5.6% in February

13 Apr 2023 Evaluate

With good performance of the power, mining and manufacturing sectors, India’s factory output growth measured in terms of the Index of Industrial Production (IIP) rose marginally to 5.6 per cent in February 2023 from 5.5 per cent in January 2023. There was an improvement on an annual as well as sequential basis. The IIP stood at 1.2 per cent in February 2022. For the month of February 2023, the Quick Estimates of IIP with base 2011-12 stood at 138.7. For the first 11 months of fiscal 2022-23 (April-February), the growth in IIP works out to be 5.5 per cent, down from 12.5 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 5.3 per cent in February 2023 from 0.2 per cent a year ago. Mining output growth remained flat at 4.6 per cent during the month under review compared to the year-ago period. Power generation surged 8.2 per cent in February 2023 against 4.5 per cent. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2023 stood at 129.0, 136.8 and 174.0 respectively.

As per use-based classification, the capital goods segment recorded a growth of 10.5 per cent in February against a growth of 1.3 per cent a year ago. Consumer durables output during the month declined by 4 per cent against a contraction of 9.7 per cent a year ago. Consumer non-durable goods output expanded by 12.1 per cent against a decline of 6.8 per cent earlier. Infrastructure/construction goods posted a growth of 7.9 per cent compared to an 8.6 per cent expansion in the same period a year ago.

The data also showed that the output of primary goods logged 6.8 per cent growth in the month against 4.6 per cent in the year-ago period. The intermediate goods output in February contracted by 0.3 per cent compared to a growth of 4.1 per cent during the corresponding month last year. Besides, the indices stood at 139.7 for Primary Goods, 104.4 for Capital Goods, 143.2 for Intermediate Goods and 164.0 for Infrastructure/ Construction Goods for the month of February 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 108.4 and 154.3 respectively for the month of February 2023.

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