India’s industrial output increased for the third consecutive month in January, and at a faster-than-expected rate, according to data from the statistics ministry released Friday. Industrial output increased 5.20 percent year on year in January, following a revised 4.68% increase in December. This was kind of higher than the economists’ predicted 5.0% increase.
Electricity production increased by 12.7% in a year. Mining output increased by 8.8%, while manufacturing increased by 3.7%. Industrial production increased by 5.4% from April to January compared to the same period last year. On both an annual and sequential basis, there was an improvement. In January 2022, factory output growth as measured by the Index of Industrial Production (IIP) was 2%.
According to use-based classification, the capital goods segment increased by 11% in January, compared to 1.8% in the previous fiscal month. Consumer durables output fell 7.5% year on year, compared to a 4.4% drop the previous year. Consumer nondurable goods output increased by 6.2%, compared to a 3.1% increase the previous year.
The data also revealed that the output of primary goods increased by 9.6 percent in the month, compared to 1.6% in the previous year. Growth in intermediate goods output has slowed to 0.1% from 2.5% previously. For the first ten months of the current fiscal year (April-January), IIP growth was 5.4%, down from 13.7% the previous year.
Source: RTT News, Outlook India