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IIP: The country’s industrial production declined to 2.4% in July, compared to 12.3% in June

New Delhi. The industrial production of the country has registered a growth of 2.4 percent during July. A year ago, during July 2021, there was an increase of 11.5 percent in IIP. This information was obtained from the data of the Index of Industrial Production (IIP) released on Monday by the National Statistical Office (NSO).

According to the data, the production of the manufacturing sector grew by 3.2 percent in July 2022. Apart from this, mining production declined by 3.3 percent during July, while electricity production increased by 2.3 percent.

Significantly, in April, 2020, due to the Kovid-19 epidemic, industrial production was severely affected and it fell by 57.3 percent.

IIP data important for policy makers
This macroeconomic data is important for policy makers as it reflects the current status of manufacturing, mining and other important sectors. Quick Estimates of IIP are released on 12th of every month (or previous working date if 12th is a holiday) with an interval of 6 weeks.

Retail inflation rises to 7 per cent in August
It is worth noting that due to the cost of food items, the retail inflation rate increased to 7 percent in the month of August. It was 6.71 per cent in July a month ago. Inflation based on the Consumer Price Index (CPI) has remained above the upper limit of the reserve’s satisfactory level for the eighth consecutive month.

The government has given the responsibility of keeping the retail inflation between 2 to 6 percent to the RBI. According to the data, according to the data, the inflation rate of food articles stood at 7.62 percent in August as against 6.69 percent in July. Whereas in August last year, it was 3.11 percent.

Tags: economy, Indian economy

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