India's factory output grows 5.7 pc in July, exceeds ICRA expectation
New Delhi: India’s factory or industrial output grew 5.7% year-on-year (YoY) in July 2023 riding on the mining and electricity sectors.
According to the data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Tuesday, the quick estimates of the Index of Industrial Production (IIP) for the month of July this year stood at 142.0.
"The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2023 stand at 111.9, 141.2 and 204.0 respectively," said the MoSPI official release.
The data showed mining sector output jumped 10.7% in July this year while electricity production recorded 8% year-on-year growth. The manufacturing sector output increased 4.6% during this period.
"The IIP print for July 2023, at 5.7%, exceeded our expectations, on account of a better-than-expected performance of the manufacturing sector," said ICRA Chief Economist Aditi Nayar.
"The YoY performance of most available high-frequency indicators improved in August 2023 relative to July 2023, including freight and electricity generation. Based on these trends as well as a favourable base (-0.7% in August 2022), ICRA expects the YoY IIP growth to witness an uptick to 5-7% in August 2023," she added.
(With UNI inputs)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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