• India’s industrial output bounced back to post 7.1% growth in November 2022, after shrinking 4.2% in October as per revised estimates.
  • The jump was aided by a base effect as November 2021 had clocked just 1% growth, but also marked a 6% uptick in output levels over October 2022, when the Index of Industrial Production (IIP) had recorded its lowest reading since November 2021.
  • After having contracted almost 6% in October, manufacturing output rebounded to 6.1% year-on-year growth, and logged a 6.55% sequential expansion. Mining output growth accelerated, from 2.5% in October, to 9.7%.
  • Electricity generation rose 12.7% in November, from just 1.2% year-on-year growth in October, but total generation shrank 1.5% from the preceding month.

‘Capital goods surge’

  • On end-use basis, production grew for all six sub-sectors for the first time since June, compared with just two sectors in October.
  • Consumer non-durables output grew 8.9% in November after four months of contraction, with production hitting the highest level since December 2021.
  • Consumer durables output rebounded to grow 5.1% after three months of contraction, but was boosted by the base effect of a 5.7% dip in November 2021.
  • Capital goods, which had contracted 1.7% in October, bounced up 20.7% in November and were 11.1% higher sequentially. India Ratings and Research economists warned that recovery in factory output had a long way to go and would need more policy support.
  • “The output levels of intermediate goods and consumer durables are less than pre-COVID levels,” said Sunil Kumar Sinha and Paras Jasrai.


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