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India’s Production Growth in Industry Recovers to 5.2% in January

Published on March 11, 2023
Current context: The industrial growth or the production growth went from 4.7% in December to a two-month high of 5.2% in January. The growth predictions are according to data given by Index of Industrial Production (IIP) which is released by National Statistical Office (NSO).
India’s Production Growth in Industry Recovers to 5.2% in January
  • The electricity output has increased to 12.7% and manufacturing unit has recovered to 3.7%.
  • Mining sector has reduced to 8.8% from 9.8% previous month.
  • The Index of Industrial Production in FY23 in the initial 10 months has seen an increase of 5.4%. Previous year data was 13.7%.
  • Out of 23 manufacturing sectors, 10 sectors including tobacco, textiles, wood, computers, furniture etc has seen a reduction of growth in January.
  • CARE ratings predicted that the export items such as textile has witnessed reduce in production whereas the output of consumer used goods has seen a positive response for the 3rd consecutive month.
  • Chief economist of Bank of Baroda said that production linked incentive (PLI) has affected the export sector which has led to low manufacturing growth.
  • Computers or electronics has witnessed a reduction of 29.6% this month. This sector was the most benefitted from PLI scheme.
  • Infrastructure materials and other goods grew by 8.1% and 10.95% respectively.
  • Fast moving consumer goods have experienced a reduction of 7.5% for a second month in a row.
  • IIP in year-on-year growth is said to be 3-5% in February 2023.
  • According to the data released by Ministry of Statistics and Programme Implementation on IIP for FY23, the economy grew by 4.4%.

Question:

Q.1 Which sector was the most benefitted from PLI scheme?
a. Infrastructure
b. Electricity
c. Computer/electronics
d. Mining
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