Factory production growth (IIP) in March 2022 stood at 2.2 percent
New Delhi:
India’s industrial output growth slowed to a five-month low of 1.1 per cent in March from 5.8 per cent in February 2023, mainly due to poor performance of the power and manufacturing sectors, according to official data released on Friday.
The previous lowest level of growth was recorded in October 2022 with a contraction of 4.1 per cent.
Factory output growth as measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in March 2022.
According to the IIP data released by the National Statistical Office (NSO), manufacturing sector output grew by 0.5 per cent in March 2023, as against 1.4 per cent a year ago.
Electricity production is expected to decline by 1.6 per cent in March 2023 as against an increase of 6.1 per cent.
Mining output grew by 6.8 per cent during the month under review, as against 3.9 per cent in the year-ago period.
As per use-based classification, the capital goods segment registered a growth of 8.1 per cent in March, as against 2.4 per cent a year ago.
Production of consumer durables contracted 8.4 percent during the month as against a contraction of 3.1 percent a year ago.
Production of consumer non-durables also declined by 3.1 percent as against an earlier contraction of 4.4 percent.
Infrastructure/construction goods registered a growth of 5.4 per cent as compared to 6.7 per cent expansion in the same period a year ago.
The data also showed that primary articles production increased by 3.3 per cent in the month, compared to 5.7 per cent in the year-ago period.
The production of intermediate goods increased by 1 percent in March as compared to an increase of 1.8 percent during the same month last year.
For FY 2022-23, the growth in IIP has come down to 5.1 per cent from 11.4 per cent in the previous year.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)