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

Labour-intensive manufacturing remains a drag.

<div class="paragraphs"><p>Workers at a steel factory. (Source: freepik)</p></div>
Workers at a steel factory. (Source: freepik)

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

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.

Click on the attachment to read the full report:

ICICI Securities Economy IIP March 2023.pdf
India IIP - Slow Recovery In January Despite Global Headwinds: Anand Rathi


This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.