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IIP growth slips to 3.1% in September
IIP growth slips to 3.1% in September
Mining, manufacturing sectors perform well
New Delhi: Industrial production growth slips to 3.1 per cent in September, mainly due to the waning low base effect while mining and manufacturing sectors performed well. The manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), grew 2.7 per cent in September, according to the data released by the National Statistical Office (NSO) on Friday. The mining sector output rose 8.6 per cent in September, while power generation increased 0.9 per cent.
In September 2021, the IIP stood at 127.9 points compared to 124.1 points in the same month last year. The index stood at 122.9 points in September 2019, as per the NSO data. Thus, the data showed waning of the low base effect. The IIP growth witnessed double-digit growth from May onwards this year, mainly due to the lower base effect. The data showed that industrial production recovered in September 2020 and surpassed the pre-pandemic level of September 2019.
The IIP had grown by one per cent in September 2020. Industrial production plunged 18.7 per cent in March last year following the Covid outbreak and remained in the negative zone till August 2020. With the resumption of economic activities, factory output rose 1 per cent in September 2020 and grew 4.5 per cent in October.
