India’s industrial production growth slips to five-month low of 1.1% in March

15 May 2023 Evaluate

With poor performance of power and manufacturing sectors, India’s industrial production growth measured in terms of the Index of Industrial Production (IIP) slipped to five-month low of 1.1 per cent in March 2023 from 5.8 per cent in February 2023. The previous lowest level of growth was recorded in October 2022 at a contraction of 4.1 per cent. The factory output growth stood at 2.2 per cent in March 2022. For the month of March 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 150.5. For fiscal 2022-23, the growth in IIP works out to be 5.1 per cent, down from 11.4 per cent in the preceding year.

As per the data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 0.5 per cent in March 2023 as against 1.4 per cent a year ago. Power generation declined by 1.6 per cent in March 2023 against a growth of 6.1 per cent. Mining output rose by 6.8 per cent during the month under review compared to a growth of 3.9 in the year-ago period. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2023 stand at 154.2, 146.0 and 188.0 respectively.

As per use-based classification, the capital goods segment recorded a growth of 8.1 per cent in March against a growth of 2.4 per cent a year ago. Consumer durables output during the month declined by 8.4 per cent against a contraction of 3.1 per cent a year ago. Consumer non-durable goods output too declined by 3.1 per cent against a contraction of 4.4 per cent earlier. Infrastructure/construction goods posted a growth of 5.4 per cent compared to a 6.7 per cent expansion in the same period a year ago.

The data also showed that the output of primary goods logged 3.3 per cent growth in the month against 5.7 per cent in the year-ago period. The intermediate goods output in March grew by 1 per cent compared to a growth of 1.8 per cent during the corresponding month last year. Besides, the indices stand at 158.2 for Primary Goods, 120.9 for Capital Goods, 158.2 for Intermediate Goods and 178.7 for Infrastructure/ Construction Goods for the month of March 2023. Further, the indices for Consumer durables and Consumer non-durables stand at 118.1 and 145.6 respectively for the month of March 2023.

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