New Delhi, June 12 (Agency) India’s factory output grew 4.2% year-on-year in April 2023 as against 1.1% in the previous month, data released by Ministry of Statistics & Programme Implementation (MoSPI) said on Monday. Industrial production had grown at 6.7% year-on-year in April, 2022. The official data showed that manufacturing sector picked up pace and grew at 4.9% in April this year. While mining output grew by 5.1%, electricity production declined 1.1% in April. Nish Bhatt, Founder & CEO, of Millwood Kane International said that the April IIP (Index of Industrial Production) data is better than expected with most components such as mining, manufacturing, infra goods and consumer non-durables contributing to it.
As per official press release, the Indices of Industrial Production for the mining, manufacturing and electricity sectors for the month of April 2023 stand at 122.5, 138.1 and 192.3 respectively. “The IIP for April 2023 also surprised on the upside, printing at 4.2% in the month in spite of the unseasonal rainfall. The YoY performance of most available high frequency indicators improved in May 2023 relative to April 2023, which should support a 4-6% expansion in May 2023,” said ICRA Chief Economist Aditi Nayar.