New Delhi: The index of industrial production in India grew by 5.2% in May 2023. Data released by the Ministry of Statistics and Programme Implementation revealed this. It was at 4.2% in April. In May last year, the factory output, measured by the Index of Industrial Production (IIP) was at all time high-growth of 19.6%.
India’s industrial production growth (IIP) declined to its lowest level in five months at 1.1% in March. The previous lowest growth rate was reported in October 2022 when it contracted by 4.1%.
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The manufacturing sector, which contributes to more than three-fourths of the IIP, witnessed a growth of 5.7% in May. It was at 4.9% in April 2023. The power generation sector which witnessed a marginal growth of 0.9% in May 2023 year on year. Mining output increased by 6.4% in.
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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