Factory output expands by 1.3% in January - Times of India

Factory output expands by 1.3% in January – Times of India

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NEW DELHI: Factory production expanded by 1.3 per cent on an annual basis in January on account of better performance by mining and manufacturing sectors, though capital goods segment remained in contraction mode, as per government data released on Friday.
The Index of Industrial Production (IIP) had contracted by 0.6 per cent in January 2021. The growth was 0.7 per cent in December 2021.
As per the data released by the ministry of statistics and programme implementation, the growth in the mining sector was 2.8 per cent against a contraction of 2.4 per cent in January 2021.
The manufacturing sector during January 2022 expanded by 1.1 per cent, compared to a contraction of 0.9 per cent in the year-ago period.
However, growth in power generation decelerated to 0.9 per cent as against an expansion of 5.5 per cent in January 2021.
In the April-January period of the current fiscal, the IIP growth stood at 13.7 per cent as against a contraction of 12 per cent in the corresponding period of 2020-21.
The data further revealed that capital goods output contracted by 1.4 per cent as against a sharp contraction of 9 per cent witnessed in January 2021.
Consumer durables segment too remained in the negative zone, showing an annual contraction of 3.3 per cent.
However, primary goods segment, which accounts for nearly 34 per cent of the index, grew by 1.6 per cent in January 2021 as against 0.7 per cent in the year-ago month.
Intermediate goods, infrastructure/ construction goods, and consumer non-durable segments too posted positive growth.
The ministry said the growth rates over corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of the Covid-19 pandemic since March 2020.
After recording contraction in several months during the pandemic period, the IIP has remained in the positive territory since March 2021.

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