IIP: Industrial Output Grows 12.3% In June
India’s factory output expanded but at a slower pace in June.
India’s factory output expanded but at a slower pace in June.
The Index of Industrial Production rose 12.3% in June compared with a revised estimate of 19.6% in May, the data published by the Ministry of Statistics and Programme Implementation on Friday showed.
35 economists polled by Bloomberg had forecast June IIP growth at 10.3%.
Month-on-month, the index rose 0.14%.
On a month-on-month, seasonally adjusted basis, the factory output fell 0.12% in June compared with a fall of 1.68% in May, indicating that a durable recovery is still some distance away, Sunil Kumar Sinha, principal economist at India Ratings and Research Pvt., said.
However, the double-digit annual growth of 12.7% in Q1FY23 is indicative of industrial recovery remaining on course despite global headwinds and uncertainty, he said.
Sectoral Estimates
Mining output rose 7.5% year-on-year compared with 11.2% in May.
Manufacturing output rose 12.5% year-on-year in June against 20.6% last month.
Electricity generation rose 16.4% year-on-year versus 23.5% in the previous month.
Industrial output, as classified by the end-use of goods, showed:
Primary goods output rose 13.7% year-on-year compared with a rise of 17.8% in May.
Capital goods output rose 26.1% year-on-year against a rise of 54.4% last month.
Intermediate goods output rose 11% year-on-year versus 17.5% in May.
Infrastructure and construction goods output rose 8% over a year earlier, compared with a rise of 18.1% in the preceding month.
Consumer durables output rose 23.8% year-on-year from a rise of 58.4% in May.
Consumer non-durables output rose 2.9% versus a rise of 1% in the previous month.