Tepid show in durables, non-durables drags down India's IIP growth to 5.8%

Industrial production in India delivered a modest growth of 5.8 per cent in September 2023, as an unfavourable base, a shift in the festive calendar and excess rainfall dragged down the year-on-year growth in the Index of Industrial Production (IIP) to nearly half from 10.3 per cent in August 2023. The growth, driven down by a big drop in manufacturing sector output – an increase of just 4.5 per cent y-o-y from a 9.3 per cent jump in August, read lower than the estimates of rating agencies like ICRA, which had pegged the IIP for September 2023 at 8.0 per cent.

- NIVEDITA MUKHERJEE