IIP grows by 3.2% in October 2021

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The Index of Industrial Production (IIP) grew by 3.2 percent in October 2021, compared to the corresponding period previous year, as per the data released by the government on December 10.

The IIP growth rate has marginally slowed down as compared to September 2021, when a 3.3 percent surge was recorded as per the revised estimates.

In October, a high production was recorded by the manufacturing and electricity sectors. In terms of use-based classification, the indices stood strong for intermediate goods and infrastructure/construction goods.

"For the month of October 2021, the quick estimates of IIP with base 2011-12 stands at 133.7. The indices of industrial production for the mining, manufacturing and electricity sectors for the month of October 2021 stand at 109.7, 134.7 and 167.3, respectively," the Ministry of Statistics & Programme Implementation said in a statement.

The indices stood at 128.5 for primary goods, 90.3 for capital goods, 143.7 for intermediate goods and 151.8 for infrastructure/construction goods during the month, the ministry said.

Further, the indices for consumer durables and consumer non-durables stood at 125.6 and 149.5, respectively.

The numbers released for October point towards the wearing off of low-base effect, as was also reflected in September.

In July and August, a massive IIP growth of 29.3 and 13.6 percent YoY, as the industrial production in the year-ago period had been severely hit due to the onset of COVID-19 pandemic.

Notably, the IIP has grown by 20 per cent in the first six months (April-October) of financial year 2022, as compared to the contraction of (-)17.3 percent rise recorded in the same period of last fiscal year, the government data showed.