India’s index of industrial production jumps to 5.2% in May 2023

India’s index of industrial production jumps to 5.2% in May 2023: According to the data released by the Ministry of Statistics and Programme Implementation (MoSPI), the index of industrial production (IIP) in India has increased by 5.2% in May 2023 from 4.2% in April 2023.

Daily Current Affairs Quiz: July 2023

In May 2022, the factory output was at all time high-growth of 19.6%.

India’s industrial production growth (IIP) declined to its lowest level in five months at 1.1% in March 2023. The lowest growth rate was observed in October 2022 when it contracted by 4.1%. IIP is an index that details out the growth of various sectors in the economy. The Eight Core Industries comprise more than 40% of the weight of items included in IIP. These Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas, and fertilizers.