Industrial production at its highest point in two years! IIP registers 6.7% growth in November; fueled by mining and manufacturing sectors – The Times of India

The country’s industrial production hit a two-year high, growing 6.7 percent in November, according to official Index of Industrial Production (IIP) data released on Monday.This marks an improvement on the 5 percent growth recorded in November last year, according to data released by the National Statistics Office (NSO). The increase was largely due to strong performance in the mining and manufacturing sectors. “Growth is led by production of base metals and fabricated metal products, pharmaceuticals and motor vehicles,” the government press release said.The manufacturing sector led the growth wave, growing by 8 percent, compared to 5.5 percent in the same month last year. Mining also made huge gains: an increase of 5.4 percent compared to 1.9 percent a year ago.However, not all sectors showed growth. The electricity sector faced challenges, with production declining by 1.5 percent, compared to growth of 4.4 percent in the same period last year.Looking at the broader picture, the NSO also slightly revised up industrial production growth in October to 0.5 percent, up from the previous estimate of 0.4 percent. The current growth rate is still below the November 2023 peak of 11.9 percent.Overall industrial growth for April-November has slowed. The growth rate stands at 3.3 percent, slightly lower than the 4.1 percent recorded in the same period last year.