Perspective on IIP data for the month of January ‘2022 By Mr. Nikhil Gupta, Motilal Oswal Financial Services
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Below is Perspective on IIP data for the month of January ‘2022 By Mr. Nikhil Gupta, Chief Economist at Motilal Oswal Financial Services
Jan'22 IIP came in at 1.3% YoY, in line with the market consensus of 1.4%
Although Dec'21 IIP growth is revised up to 0.7% (from 0.4% reported earlier), favourable base helped it grow further to 1.3 YoY in Jan'22 (-0.6% YoY in Jan'21). Overall, economic growth remains weak and there were no surprises in today's data release.
Manufacturing sector grew 1.1%, Capital goods fell for 4th successive month, construction sector grew 5.4% and consumer goods were flat in Jan'22.
According to our in-house indicators, India's Economic Activity index (EAI) for GVA grew 2.5% YoY in Jan'22, slower than 4.5% in Dec'21 and 4% in 3QFY22. It is likely that activities picked up slightly in Feb'22.
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