New Delhi: The Index of Industrial Production (IIP) witnessed contraction of 0.8 % in August. The data released by the Ministry of Statistics and Programme Implementation revealed this. The IIP recorded a growth of 2.4% in July this year. The IIP had risen 13.0% in August last year.
IIP is an index that details out the growth of various sectors in the economy. The Eight Core Industries comprise more than 40% of the weight of items included in IIP. These Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas, and fertilizers.
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As per the data, the industrial output so far in the fiscal year 2022-23 (April-August) has risen 7.7%, compared to a spike of 29.0% in the corresponding period a year ago.
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