Industrial production expands by 7.1% in Nov 2022 vs -4% in Oct: Govt data

India’s industrial production growth rose to a five-month high of 7.1 per cent in November on the back of better showing by manufacturing, according to official data released on Thursday.

The rise in the factory output measured by the Index of Industrial Production (IIP) comes after a contraction of 4.2 per cent in October. The previous high was recorded in June 2022 at 12.6 per cent.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew by 6.1 per cent in November 2022.

The mining output rose by 9.7 per cent from 4.9 per cent in November 2021. The growth in power generation increased by 12.7 per cent in November 2022 compared to 2.1 per cent in the year-ago month.

As per the use-based classification, the capital goods segment recorded an impressive growth of 20.7 per cent in November against a decline of 2.6 per cent in the corresponding month of the last fiscal.

Consumer durables and consumer non-durables recorded growth rates of 5.1 per cent and 8.9 per cent respectively. Both these segments reported contraction in November 2021.

Infrastructure/construction goods too posted healthy growth of 12.8 per cent as against 3.1 per cent in the same month of 2021.

The data also showed that the output of primary goods and intermediate goods improved by 4.7 per cent and 3 per cent, respectively in November 2022.

In the nine months of the fiscal (April-November), the growth in the IIP works out to be 5.5 per cent, down from 17.6 per cent in the year-ago period.