Industrial Production: Good news on the industrial production front, production increased by 3.8 percent

Industrial Production: Good news on the industrial production front, production increased by 3.8 percent

Index of Industrial Production: There has been a surge in industrial production in the country. According to the data released by the government, there has been a jump of 3.8 percent in industrial production in December 2023. Industrial production had increased by 5.1 percent in the same month a year ago. The Index of Industrial Production (IIP) has reached 151.5 during this period. This data, released every 6 weeks, shows that there has been an increase in industrial activities in the country. Has been issued on the basis of IIP. The index for January 2024 will be released on Tuesday, March 12.

Manufacturing, mining and electricity production increased 

The official statement of the National Statistical Office (NSO) shows that the production of the manufacturing sector increased by 3.9 percent in December 2023, which was 3.6 percent in the same period a year ago. Mining production to increase by 5.1 percent in December 2023 and Electricity Production has increased at the rate of 1.2 percent. In this way, the overall growth rate of IIP in the first nine months (April-December) of the current financial year has been 6.1 percent. In the same period a year ago, this figure was 5.5 percent.

Data are collected from production units across the country 

This data is collected from factories and production units across the country. These are all quick guesses. These will be further changed as per the amendment policy of IIP. According to use-based classification, it has been 1.5 percent in primary goods, 1.03 percent in capital goods, 1.59 percent in intermediate goods and 1.77 percent in infrastructure and construction goods. The same figure was 1.14 percent in consumer durables and 1.78 percent in consumer non-durables.

There was an increase in November also

The index of industrial production stood at 141 in the month of November. This is 2.4 percent more than a year ago. Earlier in the month of October 2023, IIP was at 144.5, which was 11.7 percent more than the year before. During the month of October, the fastest growth in production in the country's factories was recorded in 16 months.

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