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IIP Data For January 2023: In January 2023, there has been a spurt in the country’s industrial growth. Industrial Production Output has increased at the rate of 5.2 percent in the month of January. At the same time, the index of industrial production for the month of December has been revised from 4.3 per cent to 4.7 per cent. This is the third consecutive month when there has been an increase in industrial production output.
The Ministry of Statistics has released the data of Index of Industrial Production (IIP). According to the released data, industrial production has increased at the rate of 5.2 percent in the month of January. Whereas in December 2022, the IIP rate has been revised to 4.7 percent. The credit for better figures of industrial production in the month of January goes to manufacturing and electricity production. Manufacturing output has been 3.7 percent in January 2023 as against 3.1 percent in December. Electricity production has been 12.7 percent as against 10.4 percent. In the mining sector, a growth rate of 10 percent was seen in December, while in January 2023 it grew at the rate of only 8.8 percent.
The output of primary and capital goods increased at the rate of 9.6 per cent and 11 per cent. Which was 8.4 percent and 7.8 percent in the last month. Infrastructure of production and non-durables goods grew at the rate of 8.1 per cent and 6.2 per cent. Growth rates of 9.1 percent and 7.6 percent were seen in December. The output of consumer durables has been -7.5 per cent in January 2023 instead of -11 per cent in December.
The expectation of a better IIP rate in January 2023 was already being expressed. On February 28, the growth rate of the core sector was seen at 7.8 percent in January, which was 7 percent in December. The performance of industrial growth depends on the performance of the core sector. The IIP growth rate in the first 10 months of 2022-23 has been 5.4 per cent, which is lower than 13.7 per cent in 2021-22.
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