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With subdued performance of the manufacturing, India's industrial production growth slipped to 4.3 per cent in December from 7.3 per cent in November 2022. However, there was improvement on an annual basis as the factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 1 per cent in December 2021. For the month of December 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 144.7. In the nine months of the fiscal (April-December), the growth in IIP works out to be 5.4 per cent, down from 15.3 per cent in the year-ago period.

As per the IP data released by the National Statistical Office (NSO), the manufacturing sector's output grew by 2.6 per cent in December 2022 from 0.6 per cent a year ago. The growth stood at 6.4 per cent in the preceding month of November 2022. Mining output rose by 9.8 per cent during the month under review, from 2.6 per cent in December 2021. Power generation increased by 10.4 per cent in December 2022 compared to 2.8 per cent in the year-ago month. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2022 stood at 132.2, 143.5 and 179.4 respectively.

As per use-based classification, the capital goods segment recorded a growth of 7.6 per cent in December against a decline of 3 per cent in the corresponding month of the last fiscal. Consumer durables output declined by 10.4 per cent compared to a contraction of 1.9 per cent a year ago. Consumer non-durable goods output expanded by 7.2 per cent, as against a growth of 0.3 per cent earlier. Infrastructure/construction goods too posted a growth of 8.2 per cent as against 2 per cent in the same month of 2021. The data also showed that the output of primary goods logged 8.3 per cent growth in the month as against 2.8 per cent in the same period a year ago. The intermediate goods output growth declined to 0.3 per cent from 1 per cent earlier.