India's Industrial Growth Slips To Three-Month Low Of 5.8 Per Cent In September

Industrial growth had come in at 10.3 per cent in August and was 3.3 per cent in September 2022

India's industrial production increased by 5.8 per cent in September, the slowest in three months, according to a government data released on Friday. At 5.8 per cent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is well below the consensus estimate of 7.4 per cent.

Industrial growth had come in at 10.3 per cent in August and was 3.3 per cent in September 2022. The country's industrial output is up 6.0 per cent YoY as against 7.1 per cent in April-September 2022, when the data was boosted by a favourable base effect.

According to the release, for September 2023, the Quick Estimates of IIP with base 2011-12 stands at 141.6. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of September 2023 stand at 111.5, 140.6, and 205.9 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

As per Use-based classification, the indices stand at 138.8 for Primary Goods, 111.6 for Capital Goods, 153.8 for Intermediate Goods and 168.7 for Infrastructure/ Construction Goods for the month of September 2023. Further, the indices for Consumer durables and Consumer non-durables stand at 125.0 and 142.6, respectively, for the month of September 2023.

Details of Quick Estimates of the Index of Industrial Production for the month of September 2023 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II, and III, respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the past 12 months, by industry groups and sectors.

Along with the Quick Estimates of IIP for the month of September 2023, the indices for August 2023 have undergone the first revision and those for June 2023 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for September 2023, the first revision for August 2023 and the final revision for June 2023 have been compiled at weighted response rates of 91 per cent, 95 per cent and 95 per cent, respectively.