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India’s index of industrial production jumps to 5.2% in May

New Delhi: The Index of Industrial Production (IIP) grew by 5.2% in May 2023. It was at 4.2% in April this year. Data released by the Ministry of Statistics and Programme Implementation revealed this.

As per the data, the manufacturing sector’s output grew 5.5% and Mining output rose by 5.8% in May. The index of manufacturing of pharmaceuticals, medicinal chemicals, and botanical products climbed 22.6%.

In May 2022, IIP was at all time high-growth of 19.6%.

Also Read:  India’s retail inflation in June rises to 3-month high 

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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