IIP growth inches up to 5.2% in Jan
Financial Express Mumbai|March 11, 2023
THE INDEX OF industrial production (IIIP) grew 5.2% on year in January, thanks to creditable performance by the mining, electricity and capital goods sectors and a favourable base effect that is yet to wane. However, consumer durables output contracted even on a shrunken base.
SURABHI New Delhi, March 10
IIP growth inches up to 5.2% in Jan

The index had risen by 4.7% (revised from 4.3%) in December 2022 and 2% in January 2022.

While January growth was the second highest in any month since July 2022, analysts anticipate the IIP to reflect the slowing pace of the economy in the coming months; GDP growth in Q4FY23 is widely expected to be below 5%, with some seeing the expansion hovering around 4%. Not just an export slowdown, but a moderation in domestic demand is also expected to dampen production. In April-June (Q1FY24), an unfavourable base would impact the index movement.

The latest IIP data, however, reflect a modest pick-up in investments with capital goods and infrastructure/ construction goods posting strong growth rates of 11% and 8.1 respectively, although in the former case a favourable base (1.8%) helped.

The cumulative growth in the index was 5.4% between April-January FY23.

Rahul Bajoria, MD & head of EM Asia (ex-China) economics, Barclays, noted that on a month-on-month basis, the pace of increase slowed considerably to 0.8% in January from 5.7% in December and 6.1% in November.

Data released by the National Statistical Office on Friday revealed that there was fairly broad-based growth in the IIP in January with all three sectors of mining, manufacturing and electricity generation registering faster growth than a year ago when the third wave of the pandemic was under way.

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