According to newly disclosed official data, India's industrial production growth increased slightly to 5.6% in February from 5.5% in January 2023, mostly because the manufacturing, mining, and power sectors performed well.
The situation became better both annually and sequentially. In February 2022, the growth in industrial output as assessed by the Index of Industrial Production (IIP) was 1.2%.
As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 5.3 per cent in February 2023 from 0.2 per cent a year ago. Mining output growth remained flat at 4.6 per cent during the month under review compared to the year-ago period.
Power generation surged 8.2 per cent in February 2023 against 4.5 per cent.
According to use-based classification, the capital goods section had growth of 10.5% in February compared to growth of 1.3% in the same month last year. Production of consumer durables decreased by 4% during the month compared to a contraction of 9.7%% a year earlier.
Consumer non-durable goods output expanded by 12.1 per cent against a decline of 6.8 per cent earlier.