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  3. India’s industrial production hits 5-month high at 5.7% in July

India’s industrial production hits 5-month high at 5.7% in July

13 Sep 2023 Evaluate

Hitting 5-month high, India’s industrial production measured in Index of Industrial Production (IIP) jumped to 5.7 per cent in July 2023 from 3.7 per cent in June 2023. Factory output grew by 2.2 per cent in July 2022. The previous high was recorded at 6% growth in February 2023. For the month of July 2023, the Quick Estimates of IIP with base 2011-12 stood at 142.0. During April-July 2023-24, the IIP growth works out to be 4.8%, down from 10% in the corresponding period a year ago.

The data released by the National Statistical Office (NSO) showed that the mining output for July 2023 rose to 10.7 per cent, up from -3.3 per cent in the year ago period. The manufacturing sector output grew by 4.6 per cent in July this year as against 3.1 per cent in July 2022. Electricity output for the said month registered a growth of 8 per cent as against 2.3 per cent in July 2022. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2023 stood at 111.9, 141.2 and 204.0 respectively. 

The output of primary goods logged 7.6 per cent growth in the month against 2.5 per cent in the year-ago period. The capital goods segment grew 4.6 per cent in July this year compared to 5.1 per cent a year ago. Infrastructure/construction goods posted a growth of 11.4 per cent over 4.8 per cent expansion in the same period a year ago. Consumer non-durables output grew by 7.4 per cent. However, the intermediate goods output in July rose 1.9 per cent compared to a 3.7 per cent growth during the corresponding month last year. Consumer durables output during the month declined by 2.7 per cent.

As per Use-based classification, the indices stood at 141.7 for Primary Goods, 101.6 for Capital Goods, 151.8 for Intermediate Goods and 168.5 for Infrastructure/ Construction Goods for the month of July 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 118.1 and 152.2 respectively for the month of July 2023.

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