Industrial production declines to four-month low of 2.4% in July

In July, India faced a decline in industrial production. As per official data, the production has declined to a four-month low of 2.4%.

Earlier in March the country also witnessed a decline in industrial production which was recorded at 2.2%.

IIP grew 6.7% in April, 19.6% in May and 12.7% in June.

Factory output, measured in terms of the Index of Industrial Production (IIP), had expanded 11.5% in July 2021.

In July 2022 the manufacturing sector expanded 3.2% compared to 10.5% recorded during the same period last year, according to the data released by the Statistics and Programme Implementation Ministry.

The power sector showed a growth of 2.3% as against 11.1% a year ago.

The mining sector witnessed a contraction of 3.3% in July 2022 whereas there was a growth of 19.5% in the year-ago period.

During April-July this year, IIP rose 10% as against 33.9% growth in the same period a year ago.

Capital goods output increased 5.8% in July 2022 as against 30.3% growth in the year-ago month.

The consumer durables segment went up 2.4% compared to 19.4% growth a year ago.

The primary goods segment, which accounts for nearly 34% of the index, expanded 2.5% in July compared to 12.4% growth in the year-ago period.

The ministry said the growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of COVID-19 pandemic since March 2020.