December 13, 2023
The manufacturing sector demonstrated expanded by 10.4%
The mining sector in India increased by 13.1%
The electricity sector increased by 13.1%
Within manufacturing, 14 out of the 22 sectors registered positive growth
In October 2023, India’s industrial production reached a 16-month peak, surging by 11.7%, as reported by the Ministry of Statistics & Programme Implementation .
This marked a significant rebound from the 4.1% contraction observed in the corresponding period the previous year. The Index of Industrial Production (IIP) is the metric used to gauge factory output.
According to data from the National Statistical Office, the manufacturing sector demonstrated robust growth, expanding by 10.4% in October 2023 compared to a 5.8% contraction in the same month of the preceding year. In September, it had recorded a growth of 4.5%.
The mining sector in India experienced a notable upswing, with output increasing by 13.1% in October, a significant improvement from the 2.6% growth observed in the same period the prior year. September had seen a growth of 11.5%.
The electricity sector also witnessed substantial growth, with a remarkable 20.4% increase in October compared to a meagre 1.2% in the same month the previous year.
Economists highlighted the positive performance of both consumer durable and non-durable goods, attributing the improvement to the onset of the late festival season. They expressed optimism that if this trend persists, it could propel overall growth to a higher trajectory. Within manufacturing, 14 out of the 22 sectors registered positive growth, with textiles being adversely affected by declining exports and electronic goods continuing to defy expectations.
Source: Economic Times