Industrial production records 4.2% growth in April 2023

By OEM Update Editorial July 14, 2023 5:42 pm

According to the data released by the National Statistical Office, the manufacturing sector experienced a growth of 4.9% in April 2023.

India’s industrial production growth in April 2023 witnessed a significant improvement, primarily attributed to the strong performance of the manufacturing and mining sectors. Official data released by the National Statistical Office (NSO) revealed that the Index of Industrial Production (IIP) recorded a growth rate of 4.2 percent, surpassing the 1.7 percent growth observed in March 2023. Compared to the corresponding period in April 2022 when the IIP growth was 6.7 percent, the growth rate in April 2023 remained slightly lower. The manufacturing sector, in particular, experienced a growth rate of 4.9 percent, indicating a moderate expansion compared to the 5.6 percent growth the same month the previous year.

In April 2023, there was a decline of 1.1 percent in power generation compared to a substantial growth of 11.8 percent seen previously. However, the mining sector witnessed a positive growth of 5.1 percent during the same period, albeit slightly lower than the 8.4 percent growth recorded in the corresponding month of the previous year. When classified based on usage, the capital goods segment experienced a growth rate of 6.2 percent in April, which was a decrease compared to the 12 percent expansion observed a year ago.

During April 2023, there was a decline of 3.5 percent in the output of consumer durable goods, contrasting with a growth of 7.2 percent observed in the same period a year ago. On the other hand, consumer non-durable goods recorded a growth rate of 10.7 percent, indicating a positive turnaround from the contraction of 0.8 percent witnessed in the previous year. Infrastructure and construction goods also experienced significant growth of 12.8 percent compared to a four percent expansion in the corresponding period of the previous year. In terms of primary goods output, there was a growth of 1.9 percent in April, which was notably lower than the 10.3 percent growth observed in the same month the previous year.

The output of intermediate goods in April increased by 0.8 percent, a notable decrease from the 7.1 percent growth recorded during the same month last year. In the fiscal year 2022-23, the overall growth in the Index of Industrial Production (IIP) stood at 5.2 percent, marking a decline from the 11.4 percent growth observed in the preceding year.