New Delhi: The index of industrial production (IIP) climbed to 14- month high in August. The IIP in August is at 10.3%. The growth was mainly due to good show by the manufacturing, mining and power sectors. Data released by the Ministry of Statistics and Programme Implementation revealed this.
The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7% in August 2022. The previous high was recorded at 12.6% growth in June 2022. The IIP growth for July has been revised to 6% from 5.7% provisional estimates released last month.
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As per data, the manufacturing sector’s output grew 9.3% in August 2023 against a contraction of 0.5% a year ago. Power generation rose 15.3% in August 2023 compared to 1.4% in the year-ago period. Mining output rose by 12.3% during the month under review against a 3.9% contraction a year ago.
The capital goods segment grew 12.6% in August this year compared to 4.3%. Consumer durables output during the month declined by 5.7% against a contraction of 4.4% in the year-ago period. Consumer non-durable goods output increased by 9% compared to a contraction of 9% a year earlier. Infrastructure/construction goods posted a growth of 14.9%.
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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