IIP: Industrial production hits 8-month high, industrial growth at 7.1% in April
IIP Data
Highlights
- 7.1 percent growth in industrial production during April, 2022
- This figure for April is the highest level in the last eight months.
- The power and mining sector of the country has been a major contributor to the current boom.
The country is galloping on the path of development after coming out of the catastrophe of Corona? Government figures are testimony to the same thing. There has been a strong increase in industrial growth in the country in April as compared to March. Industrial production in the country grew by 7.1 percent during April, 2022 due to better performance of power and mining sector.
This figure for April is the highest level in the last eight months. Earlier in August 2021, it had increased by 13 percent. The power and mining sector of the country has been a major contributor to the current boom. According to the data of the Index of Industrial Production (IIP) of the National Statistical Office (NSO), the manufacturing sector has registered a growth of 6.3 percent in the first month of the current financial year.
India came out of the pandemic
The growth rate in the corresponding month of last year is yet to be analyzed due to the second wave of the COVID-19 pandemic. Industrial production was severely affected at that time due to the pandemic. According to the data of the government, the highest growth has been seen in the power generation in the month of April. While mining production was the second fastest growing sector. Let us tell you that in April, the country was going through a severe power crisis, due to which mining and power generation had picked up.
growth below anticipated
Aditi Nair, Chief Economist, ICRA, said, “The low base of the second wave of Kovid-19 pushed the growth of industrial output to an eight-month high of 7.1 percent in April 2022. However, it fell short of our estimate of 9.2 per cent due to lower than expected performance in the mining sector.
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