Industrial Production Growth In June Down To 3-Month Low Of 3.7 Per Cent: Govt Data

In May, industrial growth was registered at 5.2 per cent and was later revised to 5.3 per cent. The IIP in June 2022 stood at 12.6 per cent on account of a lower base effect.

The National Statistical Office (NSO) data on IIP also showed that the manufacturing sector's output saw a 3.1 per cent growth in June 2023, down from the 12.9 per cent recorded a year ago. ( Image Source :Getty )

India's industrial production grow by 3.7 per cent in June, the Ministry of Statistics and Programme Implementation data on Friday showed. Industrial production growth, measured by the Index of Industrial Production (IIP), was at a three-month low in June. In May, industrial growth was registered at 5.2 per cent and was later revised to 5.3 per cent. The IIP in June 2022 stood at 12.6 per cent on account of a lower base effect.

As per the data relesed on Friday, June's IIP expanded slower primarily due to low manufacturing output, which increased by 3.1 per cent year-on-year, a down from the 5.8 per cent recorded in May.

In March 2023, the IIP had reached as low as 1.9 per cent. It then rose to 4.5 per cent in April and advanced further to 5.3 per cent in May. As per the official data, for the first quarter (April-June) of the fiscal year 2023-24, the IIP growth stands at 4.5 per cent, marking a decline from the 12.9 per cent recorded during the same period in the previous year.

"The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID-19 pandemic since March 2020," an official statement said.

The National Statistical Office (NSO) data on IIP also showed that the manufacturing sector's output saw a 3.1 per cent growth in June 2023, down from the 12.9 per cent recorded a year ago.

In June 2023, power generation rose by 4.2 per cent, a decline compared to the 16.4 per cent growth witnessed in the same month a year ago. Mining output, on the other hand, increased by 7.6 per cent in June, compared to the 7.8 per cent recorded a year ago.

Categorised by use, the capital goods segment demonstrated a growth of 2.2 per cent in June this year, in stark contrast to the 28.6 per cent growth a year ago.

During the month, the output of consumer durables declined by 6.9 per cent, declining against the 25.2 per cent growth observed in the corresponding period a year ago.

Consumer non-durable goods output exhibited a lower rise of 1.2 per cent compared to the 2.9 per cent growth registered a year earlier. Infrastructure and construction goods posted an 11.3 per cent growth, surpassing the 9.4 per cent expansion during the same period a year ago.

Furthermore, the data revealed that the output of primary goods grew by 5.2 per cent in the month, lower than the 13.8 per cent growth achieved in the year-ago period.

In June, intermediate goods output rose by 4.5 per cent, a change from the 10.5 per cent growth reported during the corresponding month of the last year.