India's industrial production up 2.4% in November 2023

India's industrial production growth rose 2.4% in November, according to the official data released on Friday (January 12).

According to the CNBC-TV18 poll of economists, the forecast November IIP was pegged at 3.5%. Factory output, measured in terms of the Index of Industrial Production (IIP), had grown by 7.6% in November 2022.

"India's Index of Industrial Production grows by 2.4% in November 2023," an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew by 1.2% in November 2023.

The mining production rose 6.8% during the month under review. Power output rose 5.8%. The IIP grew by 6.4% in April-November 2023 compared to a 5.6% expansion a year ago.

Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape. IIP is used to measure manufacturing activity across various sectors of an economy.

Vivek Rathi, National Director of Research at Knight Frank India, said, "The growth indicators from the industrial production print however seem to be uneven. Output from most of the key industries have witnessed moderate growth, however, due to a high statistical base.

However, the consumer durable output, which is consumption reflection, contracted by 5.4%. This can be concerning as sustained consumption growth is the key to keep the economic growth momentum continuing."