India’s industrial production witnessed a growth of 2.4% in the month of November compared to the same period last year. In the corresponding period of 2022, the growth rate was 7.6%. However, this figure represents a slowdown from the 11.7% growth recorded in October.
The National Statistical Office (NSO) released data on Friday, revealing that the Index of Industrial Production (IIP) in the manufacturing sector increased by 2.4% in November 2023. According to the statistics, manufacturing sector output increased by 1.2% in November, while the mining sector recorded a notable growth of 6.8%. Additionally, the country’s electricity production witnessed a 5.8% increase during this period.
*April to November: Industrial Production Grows by 6.4%*
For the current fiscal year 2023-24, spanning from April to November, industrial production in India has shown a commendable growth of 6.4%. In comparison, during the same period one year ago, the growth rate was 5.6%. The Index of Industrial Production serves as a monthly economic indicator, with its calculation and publication carried out by the Central Statistics Office (CSO) on a monthly basis.
These statistics indicate a positive trajectory for India’s industrial sector, reflecting resilience and recovery. The growth in industrial production is a crucial parameter for assessing the economic health of the country, and the sustained positive trend is indicative of a robust and dynamic industrial landscape. The data also underscores the significance of monitoring and analyzing economic indicators to gauge the overall economic performance and plan for future growth strategies.
As the nation navigates through economic dynamics, the industrial sector’s performance remains a key focus area, with policymakers and businesses closely monitoring these indicators to make informed decisions. The positive growth in industrial production bodes well for India’s economic outlook, offering optimism for continued progress and development in the industrial landscape.