Index of Industrial Production (IIP) Rises By 3.1% In September

Index of Industrial Production (IIP) that measures India's factory output increased by 3.1% in September, the Ministry of Statistics & Programme Implementation (MoSPI) informed today. The country witnessed significant growth in manufacturing and mining outputs. The IIP growth has shown better-than-expected data this month.

Commenting on the data, Nish Bhatt, Founder & CEO, of Millwood Kane International said, "The biggest component manufacturing and mining growth at 1.8% and 4.6% respectively is a positive. It indicates the traction in the industrial segment. What is concerning is a contraction in consumer durables and non-consumer durables, despite September being a festive season month, it should have benefitted from the festive spending. Expect IIP to grow as the data for the October-December quarter start trickling in."

"The industrial growth, and CPI inflation data due next week coupled with the Q2 GDP data will be a data set that will be keenly watched by the RBI which meets next month to decide on the monetary policy," Bhatt added later.