The Index of Industrial Production (IIP) surged to a 16-month high, marking an 11.7% YoY increase, in October 2023 compared to 6.2% YoY growth in September 2023.
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The expansion in core sector output is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August.
"The production of all Eight Core Industries (namely, Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel) recorded positive growth in August 2023 over the corresponding month of last year," said the release.