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Mining, electricity drive IIP growth to five-month high
Mint Mumbai
|September 13, 2023
India’s factory output rose to a five-month high of 5.7% in July, up from 3.7% in June, driven by strong growth in mining and power, official data released on Tuesday showed.
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The Index of Industrial Production (IIP), or factory output growth, stood at 2.2% in July 2022, mainly due to a low base effect.
“The growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of covid-19 pandemic since March 2020," said an official statement.
The IIP growth for July was driven by the mining and power sector, said Madan Sabnavis, chief economist at Bank of Baroda.
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