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IIP Data: The industrial development of the country has accelerated. According to the Index of Industrial Production, there has been a jump of 3.1 percent in the country’s industrial production in September 2022. These figures have been released by the Ministry of Statistics and Program Implementation. It had earlier gone into negative industrial production in the month of August and was at the lowest level of -0.8 percent in 18 months. However, the Ministry of Statistics has improved this figure to -0.7 percent.
The improvement in the industrial production rate in the month of September has come due to the electricity and mining sector. In August, there was a growth of 1.4 percent in electricity production, which has increased year-on-year in the month of September to 11.6 percent. Production in the mining sector was negative in the month of August and it decreased to -3.9 percent, which increased to 4.6 percent in September. However, there has been a marginal improvement in the manufacturing sector and output has grown at the rate of 1.8 per cent as against -0.5 per cent in August.
Production has not improved in consumer durables and non-durables. Consumer durables output declined by 2.5 per cent in August, which further declined to 4.5 per cent in September. In non-durable goods, output declined by 7.1 per cent in September, while it declined by -9.5 per cent in August.
However, in the first half of 2022-23, the country’s industrial output has grown at a rate of 7 per cent over the previous year. In the month of May this year, the figure of the Index of Industrial Production had reached 19.6 percent. But since then it has been steadily declining.
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