India’s industrial output, measured by the Index of Industrial Production (TIP), jumped to a 12-month high of 19.6% in May, up from 6.7% in April, latest data from National Statistical Office (NSO) reveals. Electricity generation rose 23.5% year on year in May while manufacturing output grew 20.6% and mining output rose 10.9%, NSO data released shows. The growth rates over the corresponding period of previous year are to be interpreted considering the unusual circumstances on account of Covid19 pandemic since March 2020. The government says IIP growth is expected to ease to 11-13% in June and into single digit later as growth moderates.
In terms of the use-based categories, all the sub-indices except consumer non-durables displayed a high double-digit growth in May 2022. Electricity generation rose 23.5% year on year in May while manufacturing output grew 20.6% and mining output rose 10.9%, NSO data shows. The strong growth in industrial activity for the second month in a row is expected to boost confidence in the overall economic growth.
Release of the Index for June 2022 will be on Friday, 12th August 2022.
Earlier report says. IIP had grown 27.6% in May last year, due to low-base effects. Along with the Quick Estimates of IIP for the month of May 2022, the indices for April 2022 have undergone the first revision and those for February 2022 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for May 2022, the first revision for April 2022 and the final revision for February 2022 have been compiled at weighted response rates of 90%, 92% and 94% respectively.