On the front of Indian Economy, two good news has come out today. First, the figures of further reduction in retail inflation came to the fore, then the figures of increase in industrial production came to the fore. According to official data, there has been a spectacular improvement in the country’s industrial production growth rate (IIP Growth Rate) during the month of April.
Bumper improvement compared to March
According to the data released by the Ministry of Statistics and Program Implementation, the growth rate of industrial production in the month of April has been 4.2 percent. Earlier in the month of March, the growth rate of IIP was just 1.6 per cent, which was the lowest level in five months.
year-on-year growth
The National Statistical Office (NSO) of the Ministry of Statistics and Program Implementation released the IIP growth data on Monday. According to the data, India’s industrial production grew at a rate of 4.2 per cent in April this year, which may be much better than a month ago, but lower than a year ago. A year ago i.e. in April 2022, the index of industrial production had increased at the rate of 6.7 percent.
Sector wise condition was like this
According to data from the National Statistics Office, in April 2023, the production of the manufacturing sector has increased by 4.9 percent and mining production by 5.1 percent. During this period, there has been a decline of 1.1 percent in the production of electricity.
Lowest inflation in 2 years
Earlier, retail inflation data was released. According to official data, retail inflation eased further to 4.25 per cent in May. This is the lowest level of retail inflation in two years. Earlier in the month of April, it had come down to 4.7 per cent. Due to the continuous decrease in retail inflation, the expectations of reducing the loan interest rates in the coming times have increased.
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