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regular-article-logo Tuesday, 25 June 2024

IIP declines to 5.8 per cent in September, improvement in manufactuing, mining sectors

Aditi Nayar, chief economist Icra, said: 'An unfavourable base, a shift in the festive calendar and excess rainfall affected the year-on-year (YoY) growth in the Index of Industrial Production (IIP)'

Our Special Correspondent New Delhi Published 11.11.23, 12:12 PM
Representational image

Representational image File picture

The index of industrial production fell to 5.8 per cent in September from 10.3 per cent in August, though on an annual basis, the output of manufacturing and mining sectors showed an improvement. Factory output growth measured in terms of the Index of Industrial Production (IIP) had grown by 3.3 per cent in September 2022.

During April-September 2023-24, IIP growth works out to 6 per cent, down from 7.1 per cent a year ago.

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“The growth rates over the corresponding period of the previous year are to be interpreted, considering the unusual circumstances on account of the Covid-19 pandemic since March 2020,” an official statement said.

Aditi Nayar, chief economist Icra, said: “An unfavourable base, a shift in the festive calendar and excess rainfall affected the year-on-year (YoY) growth in the Index of Industrial Production (IIP)

“While the moderation was broad-based across all sub-sectors and use-based categories, the performance of consumer goods was especially tepid at +1.0 per cent and +2.7 per cent, respectively, for durables and non-durables, resulting in the manufacturing sector’s performance trailing that of mining and electricity.”

Manufacturing grew 4.5 per cent in September 2023 against a 2 per cent growth a year ago. Power generation rose 9.9 per cent compared with 11.6 per cent in the year-ago period. Mining output rose 11.5 per cent against 5.2 per cent contraction a year ago.

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