IIP growth slows down to 3.1% in September as base effect fades away

The 3.1 per cent YoY growth was driven by a jump in mining and manufacturing activity

The industrial output growth slowed to 3.1 per cent year-on-year (YoY) in September, mainly because of the waning base effect, the data released by the ministry of statistics and programme implementation showed.

It had jumped 11.9 per cent in August. The YoY growth was mainly driven by a jump in mining and manufacturing activity.

The industrial production in volume terms, as measured by the index of industrial production (IIP), grew 4 per cent, when compared to September 2019 or pre-Covid level. However, on a sequential basis, it contracted 2.6 per cent.

“As anticipated, the IIP growth recorded a broad-based plunge to an insipid