India’s Index of Industrial Production (IIP) jumped 29.3pc in May compared to a year ago due to low base effect. The government released official IIP data on July 12. The index for mining rose by 23.3pc in May from a year ago.
The growth rate of broad indexes including the mining index were all significantly higher compared to the same month a year ago.
In May last year, the IIP index contracted by 33.4pc.
The index for mining rose by 23.3pc in May against the previous year and is up by 29.4pc, considering the April-May period from the same period last year. The manufacturing index in May rose by 34.5pc from the prior year. The electricity index grew by 7.5pc in May compared to May 2020. General IIP index in April-May is up by a whopping 68.8pc from the prior year period.
Manufacture of motor vehicles, trailers and semi-trailers were up by 208pc in May from the prior year only on low base year effect. May 2020 was weak owing to the stringent lockdown. The basic metals manufacturing index was up by 55.7pc in May from a year ago.