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India's index of industrial production jumps to _______ in May 2023.
A)
4.7%
B)
5.2%
C)
5.8%
D)
6.2%

Correct Answer :   5.2%


The index of industrial production in India grew by 5.2% in May 2023 from 4.2% measured in April 2023, according to data released by the Ministry of Statistics and Programme Implementation on Wednesday (12th July 2023).

In May 2022, the factory output, measured by the Index of Industrial Production (IIP) was at all time high-growth of 19.6%.

India's industrial production growth (IIP) declined to its lowest level in five months at 1.1% in March. However, the figure has been revised to 1.7%. The previous lowest growth rate was observed in October 2022 when it contracted by 4.1%.

According to data from the National Statistical Office (NSO), the manufacturing sector, which contributes to more than three-fourths of the IIP, witnessed a growth of 5.7% in May up from 4.9% in April 2023.

The power generation sector which witnessed a decline of 1.1% in April saw a marginal growth of 0.9% in May 2023 year on year. Mining output increased by 6.4% in May from 5.1% in April.

As per Use-based classification, the indices stand at 149.8 for Primary Goods, 102.7 for Capital Goods, 154.1 for Intermediate Goods, and 174.7 for Infrastructure/ Construction Goods for the month of May 2023. Further, the indices for Consumer durables and Consumer non-durables stand at 115.2 and 148.0 respectively for the month of May 2023.

In May, India witnessed remarkable growth in its core sector output which contributes more than 40% of the IIP. The core sector witnessed a substantial jump of 18.1% compared to the same period last year. This surge can be attributed to the amplified production in key industries such as cement, coal, fertilizers, and electricity, surpassing the growth rate of 8.4% recorded in April..

Source : Mint

Published On : July 13, 2023
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