India's Industrial Production Grows by 3.8% in December 2023

• 13 Feb 2024

Official data released on 12^th February, 2024, revealed that India's industrial production surged by 3.8% in December 2023, compared to the same period last year, marking a notable increase from December 2022's growth of 5.1%.

Key Points

• Sector-wise Performance: The manufacturing sector, a significant contributor to industrial output, exhibited a growth of 3.9% in December 2023, marginally higher than the 3.6% growth seen in the same month of the previous year.
• Mining and Power Output: December 2023 witnessed a 5.1% increase in mining production and a 1.2% rise in power output. These figures reflect positive growth trends in these sectors compared to December 2022.
• Performance over Time: For the April-December 2023 period, the overall IIP growth stands at 6.1%, surpassing the 5.5% expansion recorded during the corresponding period in the previous year. This indicates sustained growth in industrial production over the nine-month period.
• Economic Implications: The growth in industrial production is a key indicator of economic health, reflecting the strength and resilience of India's industrial sector amidst evolving economic conditions.
• The positive trajectory in industrial output suggests continued momentum in India's economic recovery efforts.