New Delhi, 13th May 2023: According to official data issued on Friday (May 12), India’s industrial production growth dropped to a five-month low of 1.1% in March from 5.8% in February 2023. This decline was primarily caused by the weak performance of the manufacturing and electricity sectors.
The previous lowest level of growth was a contraction of 4.1% in October 2022. In March 2022, the growth in industrial output as assessed by the Index of Industrial Production (IIP) was 2.2%.
According to the National Statistical Office’s (NSO) release of IIP data, the manufacturing sector’s output increased by 0.5% in March 2023 compared to 1.4% a year earlier.
In March 2023, power generation decreased by 1.6% despite an increase of 6.1%.
During the month under examination, mining output increased by 6.8% compared to a gain of 3.9 in the same month last year.
Infrastructure and construction products had growth of 5.4% compared to a 6.7% increase during the same time last year.
The report also revealed that compared to the same month last year, the output of primary goods increased by 3.3%.
In March, the output of intermediate goods increased by 1% as opposed to a gain of 1.8% in the same month last year.
IIP growth is estimated to be 5.1% for fiscal 2022–2023, down from 11.4% in the year prior.