India's IIP Developed by 7.1% To 135.1 In April, Government Revealed

The Union Government has published the Industrial production (IIP) data today, stating that the economy's IIP has developed by 7.1% to 135.1 in April. Earlier, in March, IIP grew by 1.9%, showing a sharp recovery in the past month. The Ministry of Statistics & Programme Implementation (MoSPI) additionally mentioned that the mining sector grew by 7.8% YoY to 116.0 in April, the manufacturing sector grew by 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5.

In the last year, the government stated that IIP grew from 133.5 to 126.1 in April 2021. But, it should be noted that, in 2021, the economy was heavily struck by the impacts of the Covid-19 pandemic. All of the manufacturing and service sectors were sinking. Only the IT and healthcare sectors stood high even during the tough time.

MoSPI added that the capital goods segment has seen a development of 14.7%, while the consumer durables sector developed by 8.5%, depending on use-based classification. On the other hand, primary goods grew by 10.1%, intermediate goods grew by 7.6%, infrastructure/construction goods grew by 3.8%, and the consumer non-durables sector grew by 0.30%.

However, recently, Fitch Ratings has downgraded India's GDP growth forecast to 7.8% from 8.5% for 2022-23.