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India’s industrial production growth measured in terms of the Index of Industrial Production (IIP) rose to 5.2 per cent in May, mainly due to good performance by the manufacturing and mining sectors.  The latest industrial growth figure is higher than that for April, when it had come in at 4.5 per cent. The factory output stood at 19.7 per cent in May 2022. For the month of May 2023, the Quick Estimates of IIP with base 2011-12 stood at 145.0. 

As per the data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 5.7 per cent in May 2023 as against 20.7 per cent a year ago. Power generation rose to 0.9 per cent in May 2023 against a growth of 23.5 per cent. Mining output rose to 6.4 per cent during the month under review compared to a growth of 11.2 in the year-ago period. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2023 stand at 128.1, 142.3 and 201.6 respectively.

As per use-based classification, the capital goods segment recorded a 8.2 per cent growth in May compared to a 53.3 per cent expansion a year ago. Consumer durables output during the month rose 1.1 per cent against a 59.1 per cent growth a year ago. Consumer non-durable goods output grew 7.6 per cent against a growth of 1.4 per cent a year earlier. Infrastructure/construction goods posted a growth of 14.0 per cent compared to a 18.4 per cent expansion in the same period a year ago.

The data also showed that the output of primary goods logged 3.5 per cent growth in the month against 17.8 per cent in the year-ago period. The intermediate goods output in May grew by 1.6 per cent compared to a 17.5 per cent growth during the corresponding month last year. Besides, the indices stood at 149.8 for Primary Goods, 102.7 for Capital Goods, 154.1 for Intermediate Goods and 174.7 for Infrastructure/ Construction Goods for the month of May 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 115.2 and 148.0 respectively for the month of May 2023.