India’s Index of Industrial Production (IIP) expanded by 7.1 per cent in November, according to data released by the Ministry of Statistics and Programme Implementation on Thursday. It was at -4.1 per cent in October 2022. The Index of Industrial Production (IIP) grew by 1 per cent in November 2021.
According to the IIP data released by the National Statistical Office (NSO), electricity sector recorded the highest production in November, with growth of 12.7 per cent, followed by mining at 9.7 per cent, and manufacturing at 6.1 per cent. Manufacturing of base metals was up by 8.1 per cent, while that of electricity was up 9.8 per cent,
According to use-based classification, the indices stand at “132.5 for primary goods, 99.1 for capital goods, 145.6 for intermediate goods and 159.6 for infrastructure or construction goods” during November, the government data showed.
For the month of November 2022, the quick estimates of IIP with base 2011-12 stood at 137.1. The IIP for the mining, manufacturing, and electricity sectors for the month of November 2022 came in at 122.7, 136.7, and 166.7 respectively.
Meanwhile, India’s Consumer Price Index (CPI)-based inflation in December eased marginally to 5.7 per cent, staying within the Reserve Bank of India’s (RBI’s) tolerance band of 2-6 per cent.
In November, CPI, also called retail inflation, was at eleven-month low of 5.88 per cent. For October it was 6.7 per cent and 7.14 per cent in September. In December 2021, retail inflation was 5.66 per cent.
Lower food prices, particularly the fall in vegetable prices, helped keep inflation within the RBI’s tolerance range.
According to the data, the CPI has remain above the medium-term target of 4 per cent for over three years. As per the data released by the NSO, inflation in the food basket was at 4.19 per cent in December as against 4.67 per cent in November.