India's industrial output, measured by the Index of Industrial Production (IIP), grew 3.6 per cent year-on-year (y-o-y) in the month of October, according to the data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Friday. The country's industrial output had contracted 6.6 per cent in October 2019, while it grew by 0.2 per cent in September 2020, the data showed.
The October IIP growth was the fastest in last 7 months after it turned positive in September, following a six months of contraction. The sustained growth in the industrial output for the second consecutive indicated that the general economic situation improved across sectors.
During April-October period of the fiscal year 2020-21, the industrial production contracted 17.5 per cent as against a 0.1 per cent growth in the year ago period, the data from MoSPI showed.
"For the month of October 2020, the quick estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 128.5. The indices of industrial production for the mining, manufacturing and electricity sectors for the month of October 2020 stand at 98, 130.7 and 162.2 respectively. These quick estimates will undergo revision in subsequent releases as per the revision policy of IIP," the ministry said.
The October IIP growth was driven by a positive rise in electricity and manufacturing sector. The electricity sector grew 11.2 per cent year-on-year to 162.2, while the manufacturing sector jumped by 3.5 per cent to 130.7. However, the mining sector contracted 1.5 per cent to 98.0, the data showed.
By Chitranjan Kumar