New Delhi, Jan 12 (FN Bureau) India’s factory output measured by Index of Industrial Production (IIP) grew marginally at 1.4% in November, 2021 as compared to a contraction of 1.6% in the same month last year. On a sequential basis, the IIP has fallen by around 4% when compared to the previous month. As per the Quick Estimates of Index of Industrial Production (IIP) released by Ministry of Statistics & Programme Implementation (MoSPI), manufacturing sector crawled at 0.9% in November while mining climbed 5%. “For the month of November 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 128.5. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2021 stand at 111.9, 129.6 and 147.9 respectively,” said MoSPI.
Commenting on IIP numbers, ICRA Chief Economist Aditi Nayar said, “The IIP displayed an expected moderation to a feeble nine-month low growth of 1.4% in November 2021, with the impact of the slackening momentum after the festive season compounded by the disruption caused by heavy rains in South India, amid the continuing issues afflicting the auto sector.” She further said that the dip in industrial growth was broad-based across the three sectors and six categories, with capital goods and consumer durables displaying an even deeper year-on-year contraction in November 2021. Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India said that deceleration in IIP growth number for November 2021 is a cause of concern.