Industrial output in India expanded by 11.7 per cent in October on favourable base effect, according to data released by the Ministry of Statistics and Programme Implementation on Tuesday. The data released by the NSO showed that the manufacturing sector’s output grew by 10.4 per cent in October 2023. The latest industrial growth figure of 11.7 per cent is the highest in 16 months, as per the Index of Industrial Production (IIP).
For the month of October 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 144.7. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2023 stand at 127.4, 141.8, and 203.8 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
“India’s IIP growth rate rises to a 16-month high of 11.7 per cent in October 2023,” an official statement said. Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 4.1 per cent in October 2022.
Mining production rose 13.1 per cent during the month under review. Power output rose 20.4 per cent.
Consumer durables output during the month grew by 15.9 per cent against a contraction of 18.1 per cent. Consumer non-durable goods output increased by 8.6 per cent compared to a contraction of 13 per cent a year earlier.
Infrastructure/construction goods posted a growth of 11.3 per cent against a 1.7 per cent expansion.
The data also showed that the output of primary goods logged 11.4 per cent growth in the month compared to 2.1 per cent in the year-ago period. The intermediate goods output in October rose 9.7 per cent against a contraction of 2.3 per cent growth during the corresponding month last year.
The IIP grew by 6.9 per cent in April-October 2023 compared to 5.3 per cent growth a year ago.
Meanwhile, India’s retail inflation for November rose to 5.55 per cent as against 4.87 per cent in October, according to the latest NSO data on Tuesday. Though the headline inflation is still under the Reserve Bank of India (RBI)’s comfort zone of below 6 per cent, it has now been above the medium-term target of 4 per cent for 50 consecutive months.