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The wheel of the sluggish economy in India has once again started turning. India’s industrial production has increased by 5.2 percent in January 2023. This information was given in the official data released on Friday. Industrial production, measured on the basis of the Index of Industrial Production (IIP), was projected to grow by two per cent in January 2022. Industrial production had increased by 4.7 percent in December 2022.
Industrial production was slightly better in January 2023 due to better performance of electricity, mining and manufacturing sectors. According to data from the National Statistics Office (NSO), the manufacturing sector output has increased by 3.7 percent in January 2023. This figure was 1.9 percent in the same period a year ago. Mining production grew by 8.8 percent and electricity generation by 12.7 percent during the month under review. The capital goods segment grew by 11 per cent in January. The figure was 1.8 per cent in the corresponding month of the previous financial year.
The production of consumer durables declined by 7.5 percent. It had declined by 4.4 per cent in the same period a year ago. Production of consumer non-durables grew by 6.2 percent. This figure was 3.1 percent in the same period a year ago. Infrastructure or construction goods grew by 8.1 percent. A figure up from 3.1 per cent in the same period a year ago.
The data also showed that the production of primary articles grew by 9.6 per cent during the month under review. The growth in IIP during the first 10 months (April-January) of the current financial year stood at 5.4 per cent. The figure was 13.7 percent in the same period a year ago.
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