Business News: IIP Data – Industrial production increased by 13.6% in June 2021 compared to the same month the previous year, according to official data released on Thursday, August 12th. This represents a significant recovery due to the base effect caused by the COVID-19 lockdown, which slowed economic activity last year.
The industrial output index increased to 122.6 in June from 107.9 in the corresponding month last year. Industrial production – or the factory output, gauged by the Index of Industrial Production (IIP), rose 29.3 per cent in May on jump in manufacturing activity.
According to government data released on Thursday, August 12th, industrial production increased by 13.6% year over year in June 2021, indicating a sharp recovery due to the base effect caused by the COVID-19 lockdown, which slowed economic activity last year. In June, the industrial output index rose to 122.6 from 107.9 the previous month.
Furthermore, according to official data issued on July 30th, the country’s output of the eight essential sectors — also known as infrastructure output — increased by 8.9% in June 2021. In the April-June quarter of the current fiscal, infrastructure output, which includes the eight key sectors of coal, crude oil, electricity, and others, increased by 25.3 percent, compared to a de-growth of 23.8 percent in the same time last year.
The eight major industries account for 40.27 percent of the total industrial output, or IIP. In June 2021, the steel sector led the way in terms of infrastructure output growth, followed by the natural gas and coal industries.
In June 2020, the manufacturing sector saw a 17.1% drop. In the same month last year, the mining sector’s output dropped by 19.8%. Capital goods output, which is a measure of investment, increased by 25.7 percent in June 2021, compared to a decline of 37.4% the previous year. The electricity downfall was 10% in June 2020.
Manufacturing of consumer durables rose 98.2 cent in the month under review, compared to a 70.3 cent drop in May 2020. Consumer non-durable goods production declined by 4.5 percent in June this year, compared to 6.9 percent the previous year.