India's industrial production zooms 10.3 pc in August
New Delhi: India's index of industrial production (IIP) rose 10.3% year-on-year in August FY24 on the back of a surge in mining and electricity sector output, data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Thursday showed.
The data revealed that the mining sector output jumped 12.3% in August this year while electricity production recorded 15.3% year-on-year growth.
Manufacturing sector output increased 9.3% during this period.
"For the month of August 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 145.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2023 stand at 111.9, 143.5 and 220.5 respectively," an official release said.
For the April-August period of the current financial year 2023-24, the industrial production as measured by IIP grew 6.1%.
"The IIP print for August 2023, at a 14-month high of 10.4%, exceeded our forecast of 9.3% for that month, with three of the six used-based categories witnessing a double-digit expansion in the month," said ICRA Chief Economist Aditi Nayar.
She added, "Looking ahead, a shift in the festival calendar may provide an optical boost to the growth of certain categories within the IIP in the months of September and November 2023, with a concomitant moderation in the prints for October 2023."
(With UNI inputs)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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