India’s industrial production growth perked up slightly to 5.2 per cent in January from 4.7 per cent in December 2022, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Friday.
There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at two per cent in January 2022.
As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 3.7 per cent in January 2023 from 1.9 per cent a year ago.
Mining output rose 8.8 per cent during the month under review compared to 3 per cent in January 2022.
Power generation also surged 12.7 per cent in January 2023 against 0.9 per cent in the year-ago month.
As per use-based classification, the capital goods segment recorded a growth of 11 per cent in January against a growth of 1.8 per cent in the corresponding month of the last fiscal.
Consumer durables output declined by 7.5 per cent compared to a contraction of 4.4 per cent a year ago. Consumer non-durable goods output expanded by 6.2 per cent against a growth of 3.1 per cent earlier.
Infrastructure/construction goods too posted a growth of 8.1 per cent compared to a 5.9 per cent expansion in the same month of 2022. The data also showed that the output of primary goods logged 9.6 per cent growth in the month against 1.6 per cent in the year-ago period.
The intermediate goods output growth decelerated to 0.1 per cent from 2.5 per cent earlier. For the first 10 months of the current fiscal (April-January), the growth in IIP works out to be 5.4 per cent, down from 13.7 per cent in the year-ago period.
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