With the help of strong performance in the manufacturing, mining and electricity generation sectors, India’s industrial production growth jumped to a 16-month high of 11.7 per cent in October 2023 compared to the same month of the previous year. Index of Industrial Production (IIP) growth had come in at a three-month low of 5.8 percent in September. This has been revised at 6.2 per cent. Factory output measured in terms of the IIP had contracted by 4.1 per cent in October 2022.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector, which provides quality jobs to young engineers and graduates passing out of the country’s universities, posted a double digit growth rate of 10.4 per cent during October 2023 from a contraction of 5.8 per cent in October 2022. The mining sector production shot up by 13.1 per cent against 2.6 per cent in October 2022, while electricity generation surged by as much as 20.4 per cent sharply higher than the 1.2 percent growth it had posted the same month previous year.
In terms of the use-based classification of goods, production growth in October was higher for all six categories compared to September. The capital goods segment grew 22.6 per cent in October this year compared to a 2.4 per cent contraction in the year-ago month. The intermediate goods output in October rose 9.7 per cent against a contraction of 2.3 per cent growth during the corresponding month last year. Infrastructure/construction goods posted a growth of 11.3 per cent against a 1.7 per cent expansion. Consumer durables output during the month grew by 15.9 per cent against a contraction of 18.1 per cent. Consumer non-durable goods output increased by 8.6 per cent compared to a contraction of 13 per cent a year earlier.
The data also showed that the output of primary goods logged 11.4 per cent growth in the month compared to 2.1 per cent in the year-ago period. The indices stood at 146.1 for Primary Goods, 106.9 for Capital Goods, 157.8 for Intermediate Goods and 173.9 for Infrastructure/ Construction Goods for the month of October 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 123.0 and 141.5 respectively for the month of October 2023.
