New Delhi: India’s industrial production rises to a four-month high in February. The factory output measured in terms of the Index of Industrial Production (IIP) rose to 5.7 percent in February. It was at 3.8 percent in January 2024. Data released by the Ministry of Statistics & Programme Implementation revealed this.
The manufacturing sector’s output grew 5 per cent in February 2024, down from 5.9 per cent in the year-ago month. In February this year, mining production rose 8 per cent, and power output increased 7.5 per cent. The IIP grew 5.9 per cent during April 2023-February 2024 compared to a 5.6 per cent expansion in the year-ago period.
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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.
Meanwhile, the Consumer Price Index (CPI) based retail inflation declined to a five-month low of 4.85 percent in March. The Ministry cited cooling food prices as reason for the decline. In February, the CPI based retail inflation was 5.09 percent and was 5.66 percent in March 2023. Earlier, CPI-based inflation was the lowest at 4.87 percent in October 2023.
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