India’s industrial manufacturing progress accelerated to 16-month excessive of 11.7 per cent in October, primarily attributable to double-digit progress in manufacturing, energy and mining sectors’ output, in line with the official information launched on Tuesday.
The manufacturing facility output progress measured when it comes to the Index of Industrial Manufacturing (IIP) had contracted by 4.1 per cent in October 2022.
The earlier excessive of IIP progress was recorded at 12.6 per cent in June 2022.
Throughout April-October 2023-24, the IIP progress works out to be 6.9 per cent, up from 5.3 per cent within the corresponding interval a yr in the past.
The IIP for September 2023 was revised to six.2 per cent from provisional estimates of 5.8 launched final month.
“India’s IIP progress price rises to a 16-month excessive of 11.7 per cent in October 2023,” an official assertion mentioned.
It additionally acknowledged that the expansion charges over the corresponding interval of the earlier yr are to be interpreted, contemplating the bizarre circumstances on account of the COVID-19 pandemic since March 2020.
As per the IIP information launched by the Nationwide Statistical Workplace (NSO), the manufacturing sector’s output grew 10.4 per cent in October 2023 towards a contraction of 5.8 per cent a yr in the past.
Energy era rose 20.4 per cent in October 2023 in comparison with 1.2 per cent progress within the year-ago interval.
Mining output rose by 13.1 per cent within the month underneath evaluate towards a 2.6 per cent progress a yr in the past.
As per use-based classification, the capital items section grew 22.6 per cent in October this yr in comparison with a 2.4 per cent contraction within the year-ago month.
Shopper durables output in the course of the month grew by 15.9 per cent towards a contraction of 18.1 per cent.
Shopper non-durable items output elevated by 8.6 per cent in comparison with a contraction of 13 per cent a yr earlier.
Infrastructure/building items posted a progress of 11.3 per cent towards a 1.7 per cent growth.
The information additionally confirmed that the output of major items logged 11.4 per cent progress within the month in comparison with 2.1 per cent within the year-ago interval.
The intermediate items output in October rose 9.7 per cent towards a contraction of two.3 per cent progress in the course of the corresponding month final yr.
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Printed: 12 Dec 2023, 05:53 PM IST
Supply: Live Mint