IIP October 2023: IIP growth rate at 16-month high, pace of industrial production increased in October

A spectacular growth was recorded in the industrial sector of the country during the month of October. According to the official data released on Tuesday, the growth rate of industrial production in October was the highest in the last 16 months.

This was the growth rate of IIP

Ministry of Statistics and Program Implementation. Told that in the month of October, the growth rate of Index of Industrial Production i.e. IIP was 11.7 percent, which is the highest in 16 months. Earlier, during the month of September, the industrial production index had increased by only 4.5 percent, whereas a year earlier there had been a decline.

Such was the condition of the manufacturing sector

According to the data released by NSO, a growth of 10.4 percent was recorded in the output of the manufacturing sector during the month of October. A year ago, the output of this sector had declined by 5.8 percent. During the month under review, the output of the mining sector increased by 13.1 percent, whereas a year ago i.e. in October 2022, only 2.6 percent growth was recorded.

Electricity contributed the most

< p>If we look at the electricity sector, there was a tremendous growth of 20.4 percent during October 2023. A year ago in October 2022, the growth rate of this sector was only 1.2 percent. The highest growth rate has been seen in the production of electricity during the month of October.

Condition so far in the current financial year

If we talk about the current financial year, from April this year The output of the manufacturing sector increased by 6.4 percent during October. Similarly, during the first 8 months of the current financial year, the output of the mining sector has increased by 9.4 percent and the output of the power sector has increased by 8 percent. A year ago, i.e. in the first 8 months of the last financial year, the growth rate of the three sectors was 5 percent, 4 percent and 9.4 percent respectively.

Retail inflation also gave relief

Shortly before this, retail inflation figures were released. Retail inflation data also gave relief to the government and the Reserve Bank. Contrary to expectations, the retail inflation rate remained below 6 percent last month also. There was a fear that the retail inflation rate could cross 6 percent in November. However, according to official data, retail inflation last month stood at 5.55 percent.

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