India's Industrial Production To Peak At 11.7% Growth In October 2023

India's industrial production growth reached the highest level in the last 16 months at 11.7 percent in October 2023. Whereas in the same period a year ago, a decline of 4.1 percent was recorded.

Key Points related to industrial production growth:

• Factory output is measured in terms of the Index of Industrial Production (IIP). According to data released by the National Statistical Office (NSO), the output of the manufacturing sector has increased by 10.4 percent in October 2023. Meanwhile, mining production increased by 13.1 percent during the month under review.
• The Quick Estimates of IIP are released on the 12th of every month with a lag of six weeks.
• For the month of October 2023, the quick estimate of the Index of Industrial Production (IIP) with the 2011-12 base is 144.7.
• The indices of industrial production for mining 127.4, manufacturing 141.8 and power sectors for the month of October 2023 are 203.8.
• These Quick Estimates will be revised in future releases as per IIP's revision policy.
• As per usage-based classification, key indices for October 2023:  
  • Index for primary goods:146.1
  • Index for capital goods: 106.9
  • Index for intermediate goods: 157.8
  • Index for infrastructure/construction goods: 173.9.
• Also, the indices for consumer durables and consumer non-durable goods stood at 123.0 and 141.5, respectively in October 2023.
• The first revision of the indices for September 2023 has been made, along with quick estimates of the Index of Industrial Production for the month of October 2023.
• The index for November 2023 will be released on January 12, 2024.

About Index of Industrial Production (IIP):

• IIP serves as an indicator, quantifying the shift in the volume of industrial product production over a specific timeframe.
• The IIP is compiled and published monthly by the National Statistical Office (NSO), under the Ministry of Statistics and Program Implementation.
• IIP is a composite indicator that mainly measures the growth rate of classified industrial groups.
• The base year for the Index of Industrial Production is 2011-2012.