Industrial production growth declines to three-month low of 3.7% in June

14 Aug 2023 Evaluate

With poor showing by the manufacturing sector, India’s industrial production growth measured in terms of the Index of Industrial Production (IIP) declined to a three-month low of 3.7 per cent in June 2023. The factory output growth stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023. Thereafter, it rose to 4.5 per cent in April and further to 5.3 per cent in May. For the month of June 2023, the Quick Estimates of IIP with base 2011-12 stood at 143.4.

During the first quarter (April-June) of 2023-24, the IIP growth works out to be 4.5 per cent, down from 12.9 per cent in the corresponding period a year ago. The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 3.1 per cent in June 2023 against a 12.9 per cent a year ago. Power generation rose 4.2 per cent in June 2023 compared to 16.4 per cent a year ago. Mining output rose by 7.6 per cent during the month under review against 7.8 per cent in the year-ago period. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2023 stood at 122.3, 141.0 and 205.2 respectively.

As per use-based classification, the capital goods segment grew 2.2 per cent in June this year compared to 28.6 per cent a year ago. Consumer durables output during the month declined by 6.9 per cent against a 25.2 per cent growth in the year-ago period. Consumer non-durable goods output increased by 1.2 per cent compared to a growth of 2.9 per cent a year earlier. Infrastructure/construction goods posted a growth of 11.3 per cent over a 9.4 per cent expansion in the same period a year ago. The data also showed that the output of primary goods logged 5.2 per cent growth in the month against 13.8 per cent in the year-ago period. The intermediate goods output in June rose 4.5 per cent compared to a 10.5 per cent growth during the corresponding month last year.

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