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Manufacturing Fuels India's Industrial Surge
28 Aug
Summary
- Industrial output grew 6.7% year-on-year in July.
- Manufacturing sector expanded by 7.3% in July.
- New IIP series uses 2022-23 as base year for data.
India's industrial production displayed considerable strength in July, with the Index of Industrial Production (IIP) registering a 6.7% year-on-year growth. This figure marks a slight moderation from June's 7.3% but represents a notable increase compared to the 5.4% growth recorded in July of the previous year.
The manufacturing sector was the primary engine of this growth, expanding by 7.3% in July. This expansion was buoyed by strong performance in segments such as motor vehicles, electrical equipment, and industrial machinery. Out of 23 manufacturing industry groups, 19 reported positive growth during the month.
This July data is part of the new IIP series, which uses 2022-23 as the base year. This revised series offers broader coverage, including new product categories and expanded tracking of sectors like gas supply and waste management, providing a more detailed picture of the nation's industrial landscape.
