IP: Industrial production in the country has seen a strong growth and the IIP data for May has been very encouraging. The country’s industrial production stood at 5.2 per cent in May, which was at 4.2 per cent in April. In the previous month i.e. March, the IIP stood at 1.1 per cent.
strong growth compared to April
According to the data released by the Ministry of Statistics and Program Implementation, the growth rate of industrial production in the month of May has come at 5.2 percent. Due to this, in the previous month i.e. April, the growth rate of industrial production stood at 4.2 percent.
Manufacturing sector output
The output of the manufacturing sector stood at 5.7 per cent in May, which was at 4.9 per cent in April. At the same time, there has been a growth of 0.9 percent in power generation, which was -1.1 percent in April.
There was a tremendous jump in factory output last year
The most vigorous increase in factory output so far was seen in May 2022 and it stood at 19.6 per cent.
core sector growth figure
If we look at the core sector growth figure, it has jumped to 18.1 per cent in May, which was 8.4 per cent in April. The growth rate of Cement, Coal, Fertilizers and Electricity industries has seen a good growth as compared to last year. As a result of this, figures of spectacular growth are being seen in the core sector including IIP data.
In which sectors there was a boom
This increase in industrial production has been registered due to the good growth of manufacturing, power generation and mining sectors. Mining output has come down to 6.4 per cent in May from 5.1 per cent in April. However, its figure a year ago was quite a decline and a decline of 11.2 per cent was recorded in it.
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