According to the latest IIP data, the industrial growth in August 2023 is the highest in 14 months.

In August 2022, the IIP had contracted by 0.7%.

The manufacturing sector’s output increased by 9.3% in August 2023.

Mining production registered a rise of 12.3% during the month.

Power output jumped 15.3% in August 2023.

The factory output for July 2023 has been revised to 6% from 5.7% earlier.

As per the data released by the ministry of statistics and programme implementation, in April-August 2023 the IIP grew by 6.1%, compared to 7.7% in the same period a year ago.

“The growth rates over the corresponding period of the previous year are to be interpreted, considering the unusual circumstances on account of the COVID-19 pandemic since March 2020,” an official statement said.

According to the official data, the capital goods segment rose 12.6% in August this year compared to 4.3% a year ago.

Consumer durables output during the month fell by 5.7% against a contraction of 4.4% in the year ago period. 

In August this year, consumer non-durable goods output grew by 9% compared to a contraction of 9% a year ago. 

Infrastructure/construction goods recorded a growth of 14.9% against a 3% expansion a year ago, showed the data.

The output of primary goods saw 12.4% growth in the month against 1.7% in the year-ago period.

Inflation

The retail inflation fell to a three-month low in September on the back of softer vegetable prices, but remained above 4%, a target that the Reserve Bank of India (RBI)

has signalled would be key before easing rates.

Annual retail inflation rose 5.02% in September from 6.83% the previous month.

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Updated: 12 Oct 2023, 05:52 PM IST