The Industrial Production Index (IIP) rose to 146.7 from 142.3 in September 2023, according to the Ministry of Statistics. The growth surpassed analysts' forecast of 2.5 percent.
The September increase marks a recovery from August's 0.1 percent decline, which had been the first contraction since October 2022. In July, industrial production had grown 4.7 percent.
Manufacturing led the September gains with a 3.9 percent year-on-year increase, while electricity production rose 0.5 percent and mining expanded 0.2 percent. Both electricity and mining sectors rebounded from August declines of 3.7 percent and 4.3 percent, respectively.
However, the growth rates were slower compared to September 2023, when manufacturing had surged 5.1 percent, electricity 9.9 percent, and mining 11.5 percent.
Credit rating agency ICRA projects industrial production to grow 3-4 percent in October as India enters its festive season.
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