IIP Data: Industrial production is booming and has reached a 3-month high in October. The country’s industrial production has reached a three-month high in October and on the basis of annual production it has come down to 3.5 percent in October. Government data has revealed that an increase in IIP (Index of Industrial Production) has been recorded due to the increase in the production of consumer durables and garment manufacturing during the festival season.
Manufacturing boomed
The output in the manufacturing sector has come at 4.1 percent in October and this has been a good growth as compared to 3.9 percent in September last month. There was a growth of 2 percent in electricity production in October whereas in the previous month a growth of 0.5 percent was recorded in September. Apart from this, a growth rate of 0.9 percent was seen in mining output which was 0.2 percent growth in September. In this way, this time an encouraging report has been seen in the IIP data of October.
Good figures for garment manufacturing
Good figures of garment manufacturing were seen in October and it has achieved growth at the rate of 7.1 percent whereas in the previous month i.e. September it had grown at the rate of only 0.1 percent. In fact, amid the ongoing political crisis and violence in Bangladesh, there has been a surge in garment manufacturing in India and shipments to global retailers.
Industrial output increased in festive season
The festive season in India is from September to the end of November and during this period, a lot of shopping is seen and its effect has also been seen on the industrial production figures. During the April-October period, industrial output has come down to 4 percent, which had achieved growth at the rate of 7 percent during the same period last year.
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