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On the economic front, India has got second consecutive good news today. The figures of Retail Inflation March 2023 and Industrial Production (IIP February 2023) were released today itself. Positive trends have emerged on both the fronts. After the decrease in inflation in the month of March, the industrial production figures of February have come out impressively.
Bumper boom for the second consecutive month
According to official data, India’s industrial production grew at a rate of 5.6 per cent during the month of February. The Index of Industrial Production ie IIP had earlier stood at 5.2 per cent in the month of January. In this way, the rate of growth of industrial production has been more than 5 percent for the second consecutive month. In the month of December 2022, an increase of 4.3 percent was registered in it.
Sector wise growth was like this
According to the data released by the National Statistical Office (NSO), the output of the manufacturing sector grew at a rate of 5.3 per cent during the month of February. Similarly, a growth of 4.6 per cent has been recorded in the output of the mining sector. In the case of electricity generation, this growth rate has been even better at 8.2 per cent. This indicates that industrial activities are gaining momentum in the country, as the consumption of electricity is increasing.
This is the condition of 11 months
After adding the month of February, the IIP figures for 11 months of the last financial year have come to the fore. According to the data available so far for the entire financial year, during April 2022 to February 2023, manufacturing has increased by 4.9 percent on an annual basis. During this period, a growth of 5.7 percent in the mining sector and 10 percent in electricity production has been recorded.
GDP Growth Estimates
Let us tell you that on February 28, 2023, the NSO had released the second advance estimate regarding the economy. According to that, in 2022-23, the expectation of an increase in India’s GDP at the rate of 7 percent was expressed. At the same time, the Reserve Bank has recently estimated that India’s economic growth rate can be 6.5 percent during the financial year 2023-24.
Retail inflation also gave relief
Retail inflation figures were also released before the IIP figures came out. According to official data, a further decrease in retail inflation was registered during the month of March. The rate of retail inflation came down to 5.66 percent in the month of March. In this way, retail inflation has once again come under the purview of the Reserve Bank. Earlier in February, retail inflation was 6.44 percent.
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