India's industrial production rose by 4.3 per cent in December, according to the Ministry of Statistics and Programme Implementation data released on Friday. The country's factory output measured in terms of the Index of Industrial Production (IIP) grew by 1 per cent in December 2021.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew by 2.6 per cent in December 2022. Industrial growth in December 2021 was 1 per cent. Mining output rose by 9.8 per cent and power generation increased by 10.4 per cent during the month under review.
At 4.3 per cent, the latest IIP growth figure is well below November's revised number of 7.3 per cent.
The data further showed that the manufacturing sector's output grew by 2.6 per cent in December 2022. Electricity sector recorded the highest production in December, with a growth of 10.4 per cent, followed by mining at 9.8 per cent and manufacturing at 2.6 per cent.
For the month of December 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 144.7.
The Indices of Industrial Production for the Mining, Manufacturing, and Electricity sectors for the month of December 2022 stand at 132.2, 143.5 and 179.4 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
For April-December 2022, the country's industrial output is up 5.4 per cent on a year-on-year basis, down from 15.3 per cent in the first eight months of FY22.
Whereas the combined Index of Eight Core Industries (ICI) increased by 7.4 per cent in December 2022 as compared to the Index of December 2021, according to the latest data released by the Ministry of Commerce and Industry.
Meanwhile, RBI MPC projected India's GDP growth at 6.4 per cent for 2023-2024. Governor Shaktikanta Das said that the RBI sees GDP growth in April-June 2023 at 7.8 per cent versus 7.1 per cent earlier, while in July-September 2023 at 6.2 per cent versus 5.9 per cent. In October-December 2023 GDP growth is seen at 6 per cent and in January-March 2024 GDP growth is viewd at 5.8 per cent.