India’s industrial production picks up, industrial production grew at a rate of 5.6 percent

According to the data released by the Government of India on Wednesday, the Index of Industrial Production (IIP) has been recorded at 5.6 per cent in February 2023 on an annual basis. For the second consecutive month, a rise has been registered in the industrial production figures. IIP was 5.2 percent in January. IIP figures show the overall position of industries in the country.

In December it had gone down from 5 per cent to 4.3 per cent. Whereas in November last year it had grown at a speed of 7.6 per cent. That is, IIP went negative in December. The National Statistical Institute (NSO) released these latest figures on Wednesday.

Situation of different sectors
The production of manufacturing sector increased at the rate of 5.3 percent in February. At the same time, production in the mining sector has increased by 4.6 percent and in electricity generation by 8.2 percent. The rise in IIP shows that the economic activities in the country continue to be strong. According to experts, one of the reasons for the rise in the stock market was the possible positive figures of IIP.

Compared to January,
the mining sector had grown at a pace of 8.8 per cent in the previous month. A growth of 3.7 percent was registered in the manufacturing sector. At the same time, power generation increased at a speed of 12.7 in January. Apart from this, there was a decline of 4 per cent in consumer durables as against 7.5 per cent in January. While non-consumer durables increased to 12.1 per cent as against 6.2 per cent in January. Along with this, primary goods grew by 6.8 per cent, capital goods by 10.5 per cent and infra goods by 7.9 per cent.