Factory output expands at 5-mth high of 7.1% in Nov

PTI

New Delhi, January 12

India’s industrial production growth rose to a five-month high of 7.1% in November on the back of better showing by manufacturing, according to official data released on Thursday.

The rise in the factory output measured by the Index of Industrial Production (IIP) comes after a contraction of 4.2% in October. The previous high was recorded in June 2022 at 12.6%.

Manufacturing grew by 6.1%

• The manufacturing sector’s output grew by 6.1% in November 2022
• The mining output rose by 9.7% from 4.9% in November 2021
• The growth in power generation increased by 12.7% in November 2022 compared to 2.1% in the year-ago month

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew by 6.1% in November 2022.

The mining output rose by 9.7% from 4.9% in November 2021. The growth in power generation increased by 12.7% in November 2022 compared to 2.1% in the year-ago month.

As per the use-based classification, the capital goods segment recorded an impressive growth of 20.7% in November against a decline of 2.6% in the corresponding month of the last fiscal.

Consumer durables and consumer non-durables recorded growth rates of 5.1% and 8.9%, respectively. Both these segments reported contraction in November 2021. Infrastructure/construction goods too posted healthy growth of 12.8% as against 3.1% in the same month of 2021.

The data also showed that the output of primary goods and intermediate goods improved by 4.7% and 3%, respectively in November 2022.

In the nine months of the fiscal (April-November), the growth in the IIP works out to be 5.5%, down from 17.6% in the year-ago period.