New Delhi, (UNI) India’s factory output grew 5.6% year-on-year in February, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Wednesday.
The factory output measured by Index of industrial Production (IIP) had registered 5.2% growth in January this year.
Also Read : DFS Secretary chairs meeting to boost enrollments under PMJJBY & PMSBY
“For the month of February 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 138.7. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2023 stand at 129.0, 136.8 and 174.0 respectively,” an official release said.
The official data showed manufacturing sector recorded 5.3% growth in February 2023 while mining sector registered 4.6% growth.
The electricity sector registered 8.2% year-on-year growth during this period.
Commenting on the latest IIP numbers, Nish Bhatt, Founder & CEO of Millwood Kane International said, “The IIP data at 5.6% is a positive development. The manufacturing sector growth at 5.3% indicates the activity in the economy.”
On a cumulative basis, IIP registered 5.5% growth in April-February period of 2022-23. For the 11-month period from April 2022 to February 2023, the manufacturing sector posted 4.9% growth.
Mining and electricity sectors grew at 5.7% and 10% respectively in April-February period of financial year 2022-23.
“For the first 11 months in FY23, April-February IIP growth was 5.5% showing underlining strength in the economy. A robust IIP is essential for over 7% growth as the government is envisaging. A pick-up in the manufacturing sector has a multiplier effect, most importantly it creates a large number of jobs at the factory level,” said Dheer Shah, CFO, BDR Pharmaceuticals.
