BANKING AFFAIRS

Detailed explanation-1: -Industrial production in India increased 4.3% year-on-year in December of 2022, easing from an upwardly revised 7.3% rise in November, and slightly below market forecasts of a 4.5% gain. Electricity production recorded the biggest increase (10.4%), followed by mining (9.8%) and manufacturing (2.6%).

Detailed explanation-2: -The Index of Industrial Production (IIP) grew by 1 per cent in November 2021. As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector’s output grew by 6.1% in November 2022. The mining output rose by 9.7% and power generation increased by 12.7% during the month under review.

Detailed explanation-3: -Who publishes the Index of Industrial Production [IIP] in India? The Index of Industrial Production [IIP] is calculated and published every month by the CSO, Ministry of Statistics and Programme Implementation in India.

Detailed explanation-4: -For the month of October 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 129.6. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2022 stand at 112.5, 128.7 and 169.3 respectively.