index industrial production

At negative 0.8 per cent during August industrial growth figure went below the consensus estimate keeping it 18-month low. IIP has shown slow growth ever since it hit a one-year high of 19 per cent back in May backed by favourable base effect

According to Index of Industrial Production (IIP), India’s industrial growth has witnessed downward trend further to 0.8 per cent in August from 2.4 per cent in July. The said data was released by the Ministry of Statistics and Programme Implementation.

At negative 0.8 per cent during August industrial growth figure went below the consensus estimate keeping it 18-month low. The mining and manufacturing output shrunk 3.9 per cent and 0.7 per cent respectively, whereas the power generation surged 1.4 per cent during August.

The release concerning the matter said, “For the month of August 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 131.3 The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of August 2022 stand at 996, 131.0 and 191.3 respectively.”

As per the revision policy of IIP, these Quick Estimates will undergo revision in upcoming releases. IIP has shown slow growth ever since it hit a one-year high of 19 per cent back in May backed by favourable base effect.

The second wave of the coronavirus engulfed the country during year-ago period which resulted the base effect to turn sharply favourable in May. The IIP for September month will be released on 11 November 2022.