India`s industrial production growth jumps to 14-month high of 10.3% in August
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
With good performance by the manufacturing, mining and power sectors, India's industrial production growth rose to a 14-month high of 10.3 per cent in August. The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The previous high was recorded at 12.6 per cent growth in June 2022. The IIP growth for July has been revised to 6 per cent from 5.7 per cent provisional estimates released last month. During April-August 2023-24, the IIP growth works out to be 6.1 per cent, down from 7.7 per cent in the corresponding period a year ago. For the month of August 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 145.1.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 9.3 per cent in August 2023 against a contraction of 0.5 per cent a year ago. Power generation rose 15.3 per cent in August 2023 compared to 1.4 per cent in the year-ago period. Mining output rose by 12.3 per cent during the month under review against a 3.9 per cent contraction a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2023 stood at 111.9, 143.5 and 220.5 respectively.
The capital goods segment grew 12.6 per cent in August this year compared to 4.3 per cent. Consumer durables output during the month declined by 5.7 per cent against a contraction of 4.4 per cent in the year-ago period. Consumer non-durable goods output increased by 9 per cent compared to a contraction of 9 per cent a year earlier. Infrastructure/construction goods posted a growth of 14.9 per cent against 3 per cent expansion a year ago. The data also showed that the output of primary goods logged 12.4 per cent growth in the month against 1.7 per cent in the year-ago period. The intermediate goods output in August rose 6.5 per cent from 1.3 per cent growth during the corresponding month last year.
As per use-based classification, the indices stood at 145.4 for Primary Goods, 107.0 for Capital Goods, 156.1 for Intermediate Goods and 175.5 for Infrastructure/ Construction Goods for the month of August 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 122.8 and 147.0 respectively for the month of August 2023.
