In July, India’s annual growth of industrial production was 2.4 per cent, per data released by the National Statistical Office. In the year 2021, the industry’s output was 11.5 per cent. Three Main sectors grew manufacturing, electricity and mining shrank 3.2 per cent, 2.3 per cent and 3.3 per cent from last year. Annually, production has increased by 10.0 per cent. 

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As data showed, the previous low in industrial output growth was recorded at 2.2 per cent in March 2022. In April, IIP grew 6.7 per cent, and in May month 19.6 per cent. In June, 12.7 per cent.

The data showed the power sector growth of 2.3 per cent against 11.1 per cent. The mining sector witnessed a contraction of 3.3 per cent in July 2022 compared with last year’s growth of 19.5 per cent.

In the first quarter of FY23, IIP rose 10 per cent against 33.9 per cent growth in the first quarter of FY22. In July, capital goods output having an investment in the barometer hit a high of 5.8 per cent compared with 30.3 per cent growth last month. The consumer durables segment grew 2.4 per cent compared to 19.4 per cent.

As per the Ministry statement, “the growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of Covid-19 pandemic since March 2020”.