India's factory output measured by the Index of Industrial Production (IIP) posted a robust growth of 19.6 per cent in May 2022, sharply higher from 7.1 per cent recorded in the previous month, as per the government data released on Tuesday.
The manufacturing sector posted a growth of 20.6 per cent in May, while power generation soared by 23.5 per cent year-on-year during the month under review. Mining output jumped by 10.9 per cent in May 2022, according to data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
For the month of May 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 137.7. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2022 stand at 120.1, 134.5 and 199.9 respectively, the Ministry of Statistics and Programme Implementation said in a statement.
As per use-based classification, the indices stand at 144.5 for Primary Goods, 95.3 for Capital Goods, 152.2 for Intermediate Goods and 153.1 for Infrastructure/ Construction Goods for the month of May 2022.
The indices for Consumer durables and Consumer non-durables stand at 113.5 and 136.8 respectively for the month May 2022.
"The strong recovery has been the result of enhanced industrial activity in the economy and noteworthy improvement in the key economic and business indicators in the recent months," said Pradeep Multani, President, PHD Chamber of Commerce and Industry.
May 2022 IIP growth has been supported by the significant growth in the consumer durables sector at 58.5 per cent, electricity at 23.5 per cent and manufacturing at 20.6 per cent. The capital goods sector, which is a key indicator of investment in the economy, also registered a remarkable growth of 54 per cent in May 2022, said Multani.
"The industry sentiments and confidence in the economy has been on the elevated levels on the back of meaningful and calibrated reforms undertaken by the Government and RBI in the last 2 years," Multani added.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor