IIP jumps to eight-month high at 7.1 per cent in April
NEW DELHI: The Index of Industrial Production (IIP) for the month of April grew by 7.1% year-on-year, the highest in eight months, aided by the low base due to the second wave of Covid-19, data released by the Ministry of Statistics and Programme Implementation (MoSPI) showed. Industrial output stood at 2.2% in March.
The growth of eight core sectors was at 8.4% in April, up from 4.9% in March. These eight core sectors comprise 40.3% of the total weightage of the IIP. In April 2022, the quick estimates of IIP with the base year 2011-12 stood at 135%. The IIP for the mining, manufacturing and electricity sectors for April 2022 stood at 116.0, 132.5 and 194.5, respectively.
“The growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of Covid-19 pandemic since March 2020,” the government said. As per use-based classification, the indices stood at 139.3 for primary goods, 90.6 for capital goods, 150.2 for intermediate goods and 149.4 for infrastructure/construction goods for April 2022. Further, the indices for consumer durables and consumer non-durables stood at 112.1 and 140.4, respectively, for April 2022, the data revealed.
“In terms of the use-based categories, the clear laggards were consumer non-durables and infra/construction goods, with YoY growths of 0.3% and 3.8%, respectively. However, these are among the categories that were less affected by the second wave of covid-19 in April 2021,” Aditi Nayar, Chief Economist at ICRA Ltd said.