India's IIP growth rebounds to 7.1% in November

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India's industrial growth, as per the Index of Industrial Production (IIP), accelerated to 7.1 percent in November, data released on January 12 by the Ministry of Statistics and Programme Implementation showed.

IIP growth returned to positive territory in November after it had contracted by 4 percent in October - the industry's worst performance in 26 months. The figure has now been revised to show industrial output shrunk by 4.2 percent in October.

The IIP in November stood at 137.1, which is higher as compared to 128 in the year-ago period. In October 2022, an IIP of 129.3 was clocked.

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At 7.1 percent, the November IIP growth number is above with the consenus estimate of 3.2 percent, as per a Moneycontrol poll. It also the highest IIP growth clocked in the last five months.

Electricity sector recorded the highest production in November, with a growth of 12.7 percent, followed by mining at 9.7 percent and manufacturing at 6.1 percent.

As per use-based classification, the indices stand at "132.5 for primary goods, 99.1 for capital goods, 145.6 for intermediate goods and 159.6 for infrastructure or construction goods" during November, the government data showed.

Further, the indices for consumer durables and consumer non-durables stand at 112.0 and 161.1 respectively for the month, it added.

For April-November 2022, the country's industrial output is up 5.5 percent on a year-on-year basis, down from 7.1 percent in the first eight months of FY22.

Core industries, which constitute 40 percent of the total sectors assessed for ascertaining the IIP, grew 5.4 percent in November, quickening from 3.2 percent growth in the same month last fiscal, the commerce ministry said in a statement on December 30.