Industrial output growth moderates to 4.3% in December 2022

Manufacturing index component of the IIP hitting the highest level since March 2022

India’s industrial output growth moderated to 4.3% in December 2022 from 7.3% in November, despite mining and electricity production rising at around 10% for the second successive month as manufacturing growth faltered from 6.1% in November to just 2.6%.

While base effects perked up electricity and mining, which had grown at 2.8% and 2.6% respectively, a year earlier, manufacturing didn’t see such a push despite a mere 0.6% rise in December 2021.

However, overall manufacturing levels were 4.7% higher on a sequential basis (from November 2022) and the Manufacturing index component of the Index of Industrial Production (IIP) hitting the highest level since March 2022.

The National Statistical Office (NSO) revised the IIP for September 2022 to reflect an uptick of 3.3% as against a 3.5% growth estimated earlier.