The Index of Industrial Production (IIP) in India experienced a growth rate of 5.2 percent in May 2023, showing a significant increase from 4.2 percent in April of the same year.
Data released by the Ministry of Statistics and Programme Implementation reveals that the manufacturing sector’s output expanded by 5.5 percent, while mining output witnessed a rise of 5.8 percent during the reported period.
Among the various segments of manufacturing, the index of pharmaceuticals, medicinal chemicals, and botanical products experienced the most substantial growth, surging by 22.6 percent.
It is worth noting that in May 2022, the IIP achieved an all-time high growth rate of 19.6 percent, indicating the dynamic nature of India’s industrial production sector.
The Ministry’s data provides valuable insights into the performance and growth of India’s industrial sectors, shedding light on the trends and patterns that contribute to the overall economic landscape. Monitoring the IIP is essential for policymakers, economists, and investors as they analyze and make informed decisions based on the industrial growth indicators.