India’s industrial production up 5.6% in February

February growth in IIP was marginally higher than the 5.45 per cent growth reported in January, with manufacturing output picking up pace to rise 5.3 per cent even as electricity generation grew less than 10 per cent for the first time in four months at 8.7 per cent.

Figures showed that manufacturing sector output increased 5.3 per cent in February 2023, while mining output rose 4.6 per cent and power generation by 8.2 per cent during the month.

For the 11-month period from April 2022 to February 2023, manufacturing output rose 4.9 per cent year on year, while mining output increased by 5.7 per cent and electricity generation by 10 per cent.

Sequentially, however, the IIP was 5.6 per cent below January level.

Consumer durables production contracted for the third month in a row, to drop 4 per cent in February while intermediate goods production shrank 0.3 per cent with output 7.2 per cent below January levels.

On the other hand, consumer non-durables production saw a 12.1 per cent surge in output this February compared to a nearly 7 per cent decline in the same month of 2022. However, February marked the second month of a sequential decline in output with production 6 per cent below January levels. 

Capital goods production rose 10.5 per cent year-on-year, while infrastructure and construction goods production were up 7.9 per cent and primary goods grew 6.8 per cent. However, the three segments clocked sequential declines of 0.7 per cent, 6 per cent and 6.6 per cent, respectively, from their January output as per data released by the National Statistical Office (NSO) on Wednesday.

NSO has now revised the January IIP growth to 5.2 per cent, based on the final figures.

Factory output measured in terms of the Index of Industrial Production (IIP) grew 1.2 per cent in February 2022.