India’s industrial production grew by 4.2 per cent in April, according to a data released by the Ministry of Statistics and Programme Implementation on Monday. At 4.2 per cent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is significantly higher than that for March, when it had come in at a five-month low of 1.1 per cent. That number has now been revised to 1.7 per cent. IIP growth was 6.7 per cent in April 2022.
According to the NSO release, for the month of April 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 140.2. The IIP for the mining, manufacturing, and electricity sectors for the month of April 2023 stand at 122.5, 138.1, and 192.3, respectively. These quick estimates will undergo revision in subsequent releases as per the revision policy of IIP.
As per use-based classification, the indices stand at 142.1 for primary goods, 94.0 for capital goods, 150.7 for intermediate goods and 168.8 for infrastructure/ construction goods for the month of April 2023. Further, the indices for consumer durables and consumer non-durables stand at 106.8 and 153.7, respectively for the month of April 2023.
Along with the quick estimates of IIP for the month of April 2023, the indices for March 2023 have undergone the first revision and those for January 2023 have undergone final revision in the light of the updated data received from the source agencies. The quick estimates for April 2023, the first revision for March 2023 and the final revision for January 2023 have been compiled at weighted response rates of 90 per cent, 94 per cent, and 95 per cent, respectively.
Meanwhile, India’s retail inflation declined to 4.25 per cent in May from 4.7 per cent in April, according to NSO data on Monday. The consumer price-based index (CPI) inflation in May is lowest in 25 months. The food inflation also eased to 2.91 per cent in April. It was 3.84 per cent in the month of April. The food basket accounts for nearly half of the CPI. While, inflation in fuel and light also eased to 4.64 per cent, from 5.52 per cent in April.