India’s industrial production increased by 10.3 per cent in August, according to the official data released on Thursday. The country’s industrial output expanded at its fastest pace in over a year. Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output increased by 9.3 per cent in August 2023.
At 10.3 per cent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is the highest in 14 months.
The data released by the NSO showed that the manufacturing sector’s output increased by 9.3 per cent in August 2023. Mining production rose 12.3 per cent during the month under review. Power output grew 15.3 per cent in August 2023.
The indices stand at 145.4 for primary goods, 107.0 for capital goods, 156.1 for intermediate goods and 175.5 for infrastructure/ construction goods for the month of August 2023. Further, the indices for consumer durables and consumer non-durables stand at 122.8 and 147.0, respectively, for the month of August 2023.
India’s industrial output for July was revised to 6 per cent from 5.7 per cent. Industrial output was 12.3 per cent in June 2022. Industrial output in the first five months of the fiscal year that started in April was up 6.1 per cent from the same period a year ago.
Meanwhile, the consumer price index (CPI)-based inflation for the month of September eased to 5.02 per cent as against 6.83 per cent in August, the lowest in three months, according to the data released by the National Statistical Office (NSO) on Thursday.
The inflation has come back to the Reserve Bank of India (RBI)’s comfort level of below 6 per cent after a gap of two months. It was at 7.56 per cent in September 2022. Food inflation fell to 6.56 per cent in September against 9.67 per cent in August.
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