According to government data released on Friday, India’s industrial production growth fell to a five-month low of 1.1% in March from 5.8% in February 2023. This decline was primarily caused by the weak performance of the manufacturing and electricity sectors.
The previous lowest level of growth, a contraction of 4.1% in October 2022, was noted.In March 2023, power generation decreased by 1.6% despite an increase of 6.1%.During the month under examination, mining output increased by 6.8% compared to a gain of 3.9 in the same month last year.
According to use-based classification, the capital goods segment increased by 8.1% in March compared to an increase of 2.4% in the same month last year.Production of consumer durables fell by during the month. 8.4% compared to a contraction of 3.1% in the prior year.
The output of consumer non-durable products also decreased, this time by 3.1% rather than the earlier drop of 4.4%.Infrastructure and construction products had growth of 5.4% compared to a 6.7% increase during the same time last year.The report also revealed that compared to the same month last year, the output of primary goods increased by 3.3%.
In March, the output of intermediate goods increased by 1% as opposed to a gain of 1.8% in the same month last year.IIP growth is estimated to be 5.1% for the fiscal year 2022–2023, down from 11.4% in the year prior.
