Factory output at 3-mth low in June

New Delhi India’s industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect.

The previous low of IIP was at 1.9 per cent in March 2023. Thereafter, it rose to 4.5 per cent in April and further to 5.3 per cent in May. During the first quarter (April-June) of 2023-24, the IIP growth works out to be 4.5 per cent, down from 12.9 per cent in the corresponding period a year ago.

“The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of Covid 19 pandemic since March 2020,” an official statement said.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew 3.1 per cent in June 2023 against a 12.9 per cent a year ago.