EconomyIIP Growth Rate Decline in IIP growth in June as compared to...

IIP Growth Rate Decline in IIP growth in June as compared to May, only increased by 12.3% as compared to 19.6%

IIP Growth Rate: The growth in industrial production during June this year is less as compared to May 2022. IIP grew by 19.6 percent in May, while it increased by 6.7 percent in April.

The country’s industrial production (IIP) grew 12.3 per cent in June, driven by strong performance in sectors such as manufacturing, power and mining.According to official data released on Friday, this is the second consecutive month that industrial production has grown in double digits. The growth in industrial production during June this year is less than that of May 2022. IIP grew by 19.6 per cent in May, while it grew by 6.7 per cent in April.

Industrial production, measured on the basis of the Industrial Production Index (IIP), grew 13.8 percent in June 2021. According to data from the Ministry of Statistics and Program Implementation, the manufacturing sector grew by 12.5 per cent in June this year. It had grown by 13.2 percent in the same month last year.

The growth rate of the power sector stood at 16.4 per cent in June, while it grew by 8.3 per cent in June 2021. The growth rate of the mining sector was 7.5 percent in the month of June. It had gained 23.1 percent in June a year ago. In this way, IIP has increased by 12.7 percent during the first quarter (April-June) of the current financial year. Industrial production grew by 44.4 per cent in the same period a year ago.

Capital goods production, reflecting investment, grew by 26.1 per cent in June 2022. It had increased by 27.3 per cent in June 2021. The growth rate in the durable consumer goods sector stood at 23.8 percent in the month of June. Whereas in the same month a year ago, it had increased by 28 percent.

Apart from this, the increase in the case of primary articles was 13.7 percent in the month of June. It had increased by 12 percent in the same month last year. The share of this sector in the index is about 34 percent. The non-durable consumer segment grew 2.9 per cent in June. It rose 3.9 percent in the same month a year ago. The ministry said that the analysis of the data should be done keeping in view the unusual situation arising due to the Covid-19 pandemic since March 2020.

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