India's Industrial Output Accelerates In January, Spurred By Capex: ICICI Securities

ICICI Securities Report

Industrial output accelerated to 5.2% YoY growth in January 2023, led by electricity (up 12.7% YoY) and mining (up 8.8% YoY).

Manufacturing, which was the weak link holding down real gross domestic product growth in the previous two quarters, accelerated to 3.7% YoY growth in Jan-23, from average growth of 1.4% YoY in Jul-December 2022.

Manufacturing and industrial output are poised to accelerate further in the final two months of FY23, which should enable real GDP to grow slightly more than the 7% officially estimated for FY23.

Primary goods (up 9.6% YoY), capital goods (up 11% YoY) and infrastructure/construction goods (up 8.1% YoY) led the industrial acceleration in Jan-23.

Mining, electricity and refined petroleum products (up 5.1% YoY) were key contributors to the robust growth in primary goods. Consumer non-durables ended a two-year slump, growing 7.6% YoY in Nov-22-Jan-23.

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