Coal, refinery products, crude oil, natural gas, fertilizers, steel, cement, and electricity are the eight core industries that contribute around 40 percent of the IIP.
The Ministry of Statistics and Programme Implementation released data about countries Industril production in the month of January. According to the ministry data, growth in India’s industrial output decelerated to 3.8 percent in January 2024 as compared to Jan 23. In January 2023, India’s industrial output growth was 5.8 percent.
However if we compare the period of the previous month, i.e. December 2023, industrial growth figure as per the Index of Industrial Production (IIP) was unchanged at 3.8 percent. The commerce ministry revised upwards core sector growth for December from 3.8 percent to 4.9 percent.
Industrial Production Data Analysis
Coal, refinery products, crude oil, natural gas, fertilizers, steel, cement, and electricity are the eight core industries that contribute around 40 percent of the IIP. These industries data is considered as a lead indicator of industrial growth data.
April 2023 to January 2024, industrial growth was at 5.9 percent as compared to the 5.5 percent in April 2022-January 2023.
The December Index of Industrial Production revised upwards to 4.2% after the revision of core sector growth from 3.8% to 4.9%.
In January 2024, mining and electricity production went up by 5.9% and 5.6%, respectively, as compared to December 2023 it 5.2% and 1.2%respectively.
Chief economist of ICRA, Aditi Nayar, said the IIP growth is likely to remain at 3-4% in February ,reported The New Indian Express.
Retail inflation In February
Retail inflation rate stayed almost flat at 5.09 per cent in February compared to the preceding month, according to official data released on Tuesday.
Inflation based on the Consumer Price Index (CPI) was at 5.1 per cent in January and 6.44 per cent in February 2023.
Food Inflation Data
Food inflation comprises 45.9% from the CPI basket,is still more and it came in at 8.66% in February as compared to 8.3% in the last month. Last year, it was at 5.95%, according to the data.