Use-based categories of capital goods production recorded highest growth of 5.8%
Use-based categories of capital goods production recorded highest growth of 5.8%
According to the Index of Industrial Production (IIP), India’s industrial output grew only 2.4% in July from 12.7% in June, with production levels falling by 2.75% month-on-month.
Manufacturing sector growth slowed to just 3.2 per cent, while electricity generation grew just 2.3 per cent, sharply reduced by double digits increase in june,
Mining sector output declined by 3.3 per cent during July, compared to a year-on-year growth of 7.8% in June. Production of consumer non-durables fell 2% in July, up from 2.96% in June.
The use-based categories recorded the highest growth of 5.8% in capital goods production, but contracted sequentially in July to 6.7% from June levels. The intermediate goods segment was the only one to increase output levels in July 2021 as well as June 2022 – growing 3.6% and 1.6%, respectively.
Production growth in the consumer durables sector, which had led industrial growth with a growth of 25.07% in June, reached 2.4% this July, with total production down about 3% from June 2022 levels.
While July’s industrial output growth rate is the lowest since April, the Office for National Statistics also revised the index for April to reflect a growth of 6.66%, up from 7.1% previously estimated.