IIP rises 1.7 % in February compared to 1.5 % in January 2022: Government data

The country's factory output (IIP) continued to pick up pace in February this year. According to the data released by the Ministry of Statistics and Programme Implementation on Tuesday, IIP rose 1.7 per cent in February 2022 compared to a revised estimate of 1.5 per cent in January this year.

IIP growth had dropped to a 10-month low of 0.4 per cent in December 2021.

As per the government data, the growth in the mining sector was at 4.5 per cent in February 2022 as against a contraction of 4.4 per cent in February 2021. The manufacturing sector expanded by 0.8 per cent in February as compared to a contraction of 3.4 per cent in the year-ago month.

There was a surge in power generation as it grew at 4.5 per cent in February, compared with 0.9 per cent in January.

IIP is an index that details the growth of various sectors in the economy. The Eight Core Industries comprise more than 40 per cent of the weight of items included in IIP. These are Electricity, steel, refinery products, crude oil, coal, cement, natural gas, and fertilizers.