IIP Data For March 2023: In March 2023, the pace of industrial growth of the country has slowed down. Industrial Production Output has increased at the rate of only 1.1 percent in the month of March, while the growth rate of 5.6 percent was seen in February and the growth rate was 2.2 percent in the month of March last year. The Index of Industrial Production has increased at the rate of 5.1 percent in the financial year 2022-23, which increased at the rate of 11.2 percent in 2021-22.
The Ministry of Statistics has released the data of Index of Industrial Production (IIP). According to the data, the output of manufacturing sectors has grown at the rate of 0.5 percent in March 2023. The output of the mining sector has grown by 6.8 percent. While the output in the power sector declined by 1.6 per cent.
In the month of March, there was also a decline in the growth rate of the eight main core sectors. In March 2023, the core sector showed a growth rate of 3.6 percent, which was 6 percent in February 2023. According to the released data, the production of Coal, Fertilizer, Steel, Natural Gas, and Refinery Products has increased in March 2023 as compared to the month of March last year. While there was a decline in crude oil, cement and electricity production.
According to statistics, the growth rate of eight core industries has been 7.6 percent in the financial year 2022-23 as compared to the previous financial year. The production of coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity is measured in eight core industries.
While the data of the Index of Industrial Production has disappointed, the retail inflation rate has come down to 4.70 percent in April, at the lowest level of 18 months. A fall in the inflation rate means that loans can become cheaper, which will also benefit the industry, which is troubled by expensive loans.