IIP growth rate drops to 3.7% in June 2023

IIP growth rate dips to 3.7% in June 2023, reveals government data.The government's data reveals that the Index of Industrial Production (IIP) growth rate experienced a decline to 3.7% in June 2023 from May's 5.3%. In comparison to a year-on-year (y-o-y) 12.6% growth, the industrial growth rate stood at 3.7%.As per the National Statistical Office (NSO) figures, the manufacturing sector's output witnessed a 3.1% increase in June 2023. Mining output, during the same period, surged by 7.6%, while power output exhibited a 4.2% growth.Comparing the April-June 2023 period to the same quarter in 2022, the IIP displayed growth of 4.5% as opposed to the previous year's 12.9%.