IIP Data: India’s industrial growth seems to be gaining momentum during October. The Index of Industrial Production (IIP) registered a growth of 3.2 percent. These figures have been released by the Ministry of Statistics. Last year in October, 2020, a growth of 4.5 percent was registered and in September this figure was 3.1 percent.
During October, 2021, mining has registered a growth of 11.4 percent, while the manufacturing sector has grown at the rate of 2 percent. There was an increase of 3.1 percent in electricity generation. The growth in industrial production in the last few months was mainly due to the slowdown in last year, but the latest IIP data indicates that the impact of the low base effect is now easing and the economy is showing recovery.
Last year was hit by Kovid
Industrial production had declined for most of the last year due to the lockdown, as the production of companies was affected due to restrictions related to Kovid. Due to which the pace of the economy had slowed down. Industrial production has registered a growth of 20 per cent during April-October, as compared to a decline of 17.3 per cent in the same period last year.