te Industrial production growth slows to 3.7% in June from 5.3% the previous month | Zee Business

Industrial production growth slows to 3.7% in June from 5.3% the previous month

Industrial production in the country grew 3.7 per cent in June, official data showed on Friday. 

Industrial production growth slows to 3.7% in June from 5.3% the previous month
IIP captures activity in a range of industrial segments. | Image: Reuters

Industrial production in the country grew 3.7 per cent in June, official data showed on Friday. Industrial production — also known as factory output — had expanded 5.3 per cent in May. Determined by the Index of Industrial Production (IIP), factory output is a key macroeconomic indicator that captures activity in a host of industrial segments. 

Factory output in manufacturing — which commands a weightage of 77.6 per cent in the index — expanded 3.1 per cent, a slowdown from 5.8 per cent the previous month, the data from the Ministry of Statistics & Programme Implementation showed.

In mining and electricity, industrial production increased 7.6 per cent and 4.2 per cent, as against 6. per cent and 0.9 per cent in May respectively.

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The mining sector has a weightage of 14.4 per cent in IIP and electricity carries the remaining eight per cent.  

The IIP reading comes a day after the Reserve Bank of India held the repo rate — or the key interest rate at which the RBI lends money to commercial banks — steady for a third back-to-back bi-monthly review, as widely expected by economists.

The industry production data comes ahead of a key GDP reading, for the April-June period, due at the end of the month.  

(This story will be updated shortly)

Written By: ZeeBiz WebTeam
Updated: Mon, Aug 14, 2023
05:52 pm
New Delhi, ZeeBiz WebDesk
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