The government will release the factory output data for July on Monday evening. The industry is eagerly waiting for this. In June this year, industrial production, measured based on the Index of Industrial Production (IIP), grew by 12.3 percent, which remained in double digits for the second consecutive month due to the base effect.
Industrial production grew by 13 percent in August last year. Thereafter, IIP growth remained below 4.4 percent (in September) and touched an all-time low of one percent in November and December. IIP growth was 2 percent in January this year, 1.2 percent in February, and 2.2 percent in March.
Industrial production stood at 6.7 percent in April, the first month of the current fiscal year 2022-23, and picked up the pace with it. It touched double digits of 19.6% in May 2022. In May last year, the growth of IIP was recorded at 27.6 percent, mainly due to the low-base effect.
Explain that this macroeconomic data is important for policymakers as it shows the current status of manufacturing, mining, and other important sectors.
Releasing the IIP data for June last month, the Ministry of Statistics and Program Implementation said that the growth rate for this period of the previous year has been explained because of the unusual circumstances due to the pandemic from March 2020. It may be noted that the quick estimates of IIPs are released on the 12th of every month (a day before the 12th is a holiday) with an interval of six weeks.
It is prepared by compiling the data received from agencies. These agencies receive inputs from productive factories and industrial establishments.
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