New Delhi: The industrial production in the country crashed by 4% in October. The data released by the National Statistical Office (NSO) revealed this. As per the data, the Index of Industrial Production (IIP) had grown 4.2% in October 2021. The decline in the manufacturing sector output and subdued growth in mining and power generation are the reason for this.
The manufacturing sector’s output declined by 5.6% in October 2022. The mining output rose by a 2.5% and power generation increased by 1.2% during the month.
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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