The Quick Estimates of the Index of Industrial Production (IIP) for September 2023 have been unveiled, providing a captivating snapshot of the nation’s economic pulse. Released with a six-week lag on the 12th of every month (or the previous working day if the 12th is a holiday), these estimates are compiled with data sourced directly from the manufacturing giants themselves.
For the month in focus, September 2023, the Quick Estimates paint a vivid picture with the overall IIP standing at an impressive 141.6, based on the 2011-12 reference. Delving into the specifics, the indices for the Mining, Manufacturing, and Electricity sectors are spotlighted at 111.5, 140.6, and 205.9 respectively, showcasing the diverse and dynamic nature of the industrial landscape.
However, this is just the beginning of the story. The Quick Estimates are slated for revision in subsequent releases, adhering to the meticulous revision policy of IIP. This ensures that the numbers presented today are refined and reflective of the ever-evolving industrial scenario.
A glance through the use-based classification provides further insight into the sectoral dynamics. Indices stand strong at 138.8 for Primary Goods, 111.6 for Capital Goods, 153.8 for Intermediate Goods, and 168.7 for Infrastructure/Construction Goods for September 2023. Meanwhile, Consumer Durables and Consumer Non-Durables post indices of 125.0 and 142.6 respectively, underlining the consumption patterns in the economy.
For the data enthusiasts and industry analysts, IIP Statements I, II, and III offer a detailed breakdown of the Quick Estimates of the Index of Industrial Production for September 2023, providing sectoral and classification-specific insights. Statement IV, on the other hand, serves as a time machine, offering a retrospective view with month-wise indices for the last 12 months, categorized by industry groups and sectors.
India’s September 2023 IIP clocks promising growth
The unveiling of the September 2023 IIP Quick Estimates also brought with it revisions for August 2023 and the final revision for June 2023. Compiled at weighted response rates of 91 percent, 95 percent, and 95 percent respectively, these revisions reflect the commitment to accuracy and reliability in the realm of economic indicators.
Looking ahead, the anticipation builds for the release of the Index for October 2023 on Tuesday, 12th December 2023, promising another chapter in the evolving saga of India’s industrial prowess. As the sector continues to evolve, these indices stand not just as numbers but as a testament to the heartbeat of the nation’s economic engine.