edited by: Mohammad Haris
Last Update: February 10, 2023, 18:18 IST
India’s total industrial production, based on IIP, grew by 5.4 per cent during April-December 2022.
IIP Growth: 9.8% growth in mining, 10.4% growth in electricity generation in December 2022
IIP Data for December 2022: India’s industrial production is set to grow by 4.3 per cent in December 2023, according to the latest IIP data released on Friday. Manufacturing sector output grew by 2.6 percent during the month.
According to the latest data released by the National Statistical Office (NSO) on Friday, December 2022 saw a growth of 9.8 per cent in mining and 10.4 per cent in electricity generation.
During April-December 2022, the total industrial production based on the Index of Industrial Production (IIP) grew by 5.4 per cent. During this period, mining expanded by 5.4 percent and electricity saw an increase of 9.9 percent.
Aditi Nayar, chief economist and head (research and outreach) at ICRA, said, “In line with our forecast, IIP growth in December 2022 is recorded at 4.3 per cent, a step above the anemic average growth in the last two months. , whose individual performances were clouded by base effects related to changes in the festival calendar.
Disaggregated use-based data remain decidedly uneven, ranging from contraction in intermediate goods and consumer durables to a strong expansion of 7-9 per cent for the remaining four categories, he said.
“The year-on-year increase in most available high-frequency indicators in January 2023 relative to December 2022 partly reflects a favorable baseline due to the onset of the third wave of COVID-19 seen in January 2022, based on which we The overall IIP is expected to rise. to grow by 5-7 per cent month on month,” said Nair.
He also said that going forward, the year-on-year growth in IIP is likely to improve in the current quarter (+2.4 per cent year-on-year in Q3 FY2023), which will take a specific year in terms of volume to achieve the target. Partially increased at the end of The low base of the third wave of Covid-19. We, however, continue to watch the impact of the slowdown in external demand and the consequent decline in merchandise exports on the performance of the manufacturing sector.
read all latest business news Here