India's industrial output grows 1.7% in February

India's industrial output, measured by the Index of Industrial Production (IIP), rose 1.7 per cent in February compared to a 3.2 per cent contraction in the same month a year earlier, mainly on account of improved performance of mining and electricity sectors, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday. 

The IIP in January grew 1.5 per cent, while the industrial output in December 2021 had expanded 0.7 per cent.

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.

Growth in power generation was at 4.5 per cent during February 2022 as against an expansion of 0.1 per cent in the same month of the previous fiscal.

Cumulatively, IIP growth in April-February period was at 12.5 per cent as against a contraction of 11.1 per cent in the same period a year ago.

It must be noted that industrial activity saw widespread disruptions in financial year 2020-21 due to the coronavirus pandemic. 

Meanwhile, India's retail inflation rose to a 16-month high of 6.95 per cent in March, breaching the upper limit of the Reserve Bank of India's (RBI's) target range for the third consecutive time.

(More details to follow)