India’s Index of Industrial Production (IIP) recorded a year-on-year growth of 3.5 per cent in October, up from 3.1 per cent in September this year, according to the data released by the Ministry of Statistics on Thursday.
The industrial growth rate of the manufacturing sector, which accounts for more than three-fourths of the index of industrial production (IIP), recorded a growth of 4.1 per cent in October. The sector plays a key role in providing quality jobs to the young graduates passing out from the country’s engineering institutes and universities.
Within the manufacturing sector, 18 out of 23 industry groups have recorded a positive growth in October over the same month of the previous year. The top three positive contributors are – “Manufacture of basic metals” (3.5 per cent), “Manufacture of electrical equipment” (33.1 per cent) and “Manufacture of coke and refined petroleum products” (5.6 per cent).
The growth in the output of the electricity and mining sectors for October were recorded at 2 per cent and 0.9 per cent, respectively. The figures based on user classification show that the production of capital goods which comprise machines used in factories went up by 3.1 per cent.
This segment reflects the real investment taking place in the economy which has a multiplier effect on the creation of jobs and incomes going ahead. There was also a 5.9 per cent increase in the production of consumer durables such as electronic goods, refrigerators, and TVs during September, reflecting the higher consumer demand for these items amid rising incomes.
The output of consumer non-durables such as soaps and cosmetics went up by 2.7 per cent during the month. The output of intermediate goods went up by 3.7 per cent while there was an increase of 4 per cent in infrastructure/construction goods during October compared to the same month of the previous year, the figures further showed.
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