The Indian government has focused on higher capex and easier credit to boost local manufacturing and industrial growth, as part of the Union Budget 2023. Despite inflation driving up interest rates and an impending recession, India has remained relatively resilient to sustain growth momentum. For the month of December 2023, the country's industrial production has surged by 4.3 per cent as per IIP data.
The Index of Industrial Production (IIP), which measures factory output, had showed a growth of 1 per cent in December 2021, while the output by the manufacturing sector's had gone up by 2.6 per cent in December 2022.
As for mining operations, the output was up by 9.8 per cent in December 2023, and power generation jumped 10.4 per cent during the same period.
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