The index of industrial production (IIP) in India fell to 3.7 per cent in June from the three-month high of 5.2 per cent in May 2023 mainly due to poor rise in manufacturing output, which rose by 3 per cent compared to 5.8 per cent in May, as per government data.
According to data released by the Ministry of Statistics and Programme Implementation on Friday, in April, the IIP stood at 4.2 per cent.
India’s IIP had declined to its lowest level in five months at 1.1 per cent in March. However, the figure has been revised to 1.7 per cent.
The previous lowest growth rate was observed in October 2022 when it contracted by 4.1 per cent.
For the first quarter of 2023-24, IIP growth stood at 4.5 per cent, down from 12.9 per cent in April-June 2022 when the data was boosted by a favourable base effect.