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%.
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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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