: Industrial production grows at a year-high of 19.6% in May #finance #StockMarketNEWS #Business Press Trust of India New Delhi India’s industrial production grew the highest in a year at 19.6%

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Industrial production grows at a year-high of 19.6% in May #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

India’s industrial production grew the highest in a year at 19.6% in May 2022, mainly due to strong performance by manufacturing, power and mining sectors, according to the government data released on Tuesday.

Factory output, measured in terms of Index of Industrial Production (IIP), had recorded a growth of 27.6% in May 2021 due to low base effect, the data showed.

As per the data released by the ministry of statistics and programme implementation, the manufacturing sector expanded by 20.6% compared to a growth of 32.1% recorded in the year-ago period.

Power sector showed a growth of 23.5% as against 7.5% a year ago, while the mining sector witnessed an expansion of 10.9% in May 2022 compared to a growth of 23.6% last year.

During April-May this year, IIP grew 12.9% as against 67.3% growth in the same period a year ago.

Capital goods output, which is a barometer of investment, showed a growth of 54 per cent in May 2022 against a jump of 74.9% in the year-ago month.

The consumer durables segment grew by 58.5% against a growth of 80.4 per cent a year ago. The primary goods segment, which accounts for nearly 34% of the index, expanded by 17.7% in May compared to 15.8% growth a year ago.

Consumer non-durable segment grew by 0.9% in May compared to a growth of 0.2% in same month a year ago.

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