Country Report

Industrial Growth Up By 5.2%

Published: March 13, 2023
Author: DIGITAL MEDIA EXECUTIVE

According to official figures issued on Friday, India’s industrial production growth picked up slightly to 5.2% in January from 4.7% in December 2022, largely because the manufacturing, mining, and power sectors performed well.

The situation became better both annually and sequentially. In January 2022, the growth in industrial output as assessed by the Index of Industrial Production (IIP) was 2%. With the working group on tourism’s reactivation, a stronger travel and tourism sector has been prioritised.

The standards and conformance cooperation project (Phase III), which will be carried out in conjunction between the ANSI and both countries, was also started in order to improve standards cooperation (American National Standard Institute) the BIS (Bureau of Indian Standards) from the Indian side and the US side.

Compared to a contraction of 4.4% a year before, output of consumer durables fell by 7.5%. Production of consumer non-durable products increased by 6.2% after increasing by 3.1% the previous quarter. Also, the sale of items for the construction and infrastructure sectors increased by 8.1% in comparison to the same month in 2022, when it increased by 5.9%.

The report also revealed that the production of primary goods increased by 9.6% in the month compared to 1.6% in the same time last year. Growth in the output of intermediate goods slowed from 2.5% to 0.1% earlier. April through January, the first ten months of the current fiscal year, were IIP growth came in at 5.4%, down from 13.7% in the same time last year.

Related Posts

Record Breaking ‘Hero’ Gives Maximum Vaccine Doses, on Track to Beat the Pandemic