India

Good news for the economy; Industrial production grew by 11.50 per cent in July

The National Statistics Office (NSO) has released the Industrial Index (IIP) for the month of July. According to the data, industrial production grew by 11.50 per cent in July. The industrial index has a special significance in the economy of any country. It shows the pace at which industrial growth is taking place in the country’s economy. Last year, in July 2020, the industrial output was down 10.50 per cent. According to the report, industrial production in July this year grew by 7.2 per cent year-on-month. The growth was 5.7 per cent in June. In comparison, production in July seems to have increased.

Manufacturing grew by 10.50 per cent in July. Mining production grew by 19.50 per cent and power generation by 11.1 per cent.

Between April and July this year, the IIP grew by 34.1 per cent. During the same period last year, IIP growth slowed to 29.3 per cent. In March 2020, industrial production was hit hard by the Corona virus. At that time, IIP growth had slowed to 18.7 per cent. In April 2020, the IIP deficit was 57.3 per cent.

GDP growth of 20.1 per cent in the first quarter of the current financial year

In the first quarter of FY 2021-22, GDP grew by 20.1 per cent. Due to this growth, the country’s economic situation seems to be getting back on track. This is the GDP from April to June. GDP reflects the economic condition of any country. In the first quarter of last fiscal, the country’s GDP contracted by 24.4 per cent. The period of the previous year is compared to measure the growth of GDP. Last year, GDP fell as the Corona Crisis closed many businesses. This year, the number of Corona patients is declining and the vaccination campaign is accelerating, with positive results. Many states have relaxed restrictions since the second wave subsided.

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