India’s industrial production growth improved to 4.2% YoY in Apr-23 from 1.7% in Mar-23.
Download ReportQuantEco Research || Apr-23 IIP - Strong start to a year of moderation
India’s industrial production growth improved to 4.2% YoY in Apr-23 from 1.7% in Mar-23. Internals for Apr-23 indicate a broad-based acceleration in seasonally adjusted momentum. On a trend basis, the industrial recovery continues to remain uneven with outperformance of investment-oriented production witnessing an offsetting impact from consumption-oriented production and labor-intensive sectors. However, there are shades of comfort in the form continued thrust on public investments, which in our opinion is fuelling India’s outperformance on the metric of overall industrial activity at a global level. Looking ahead, we expect industrial activity in FY24 to moderate somewhat from its growth of 5.2% in FY23 - in line with our FY24 GDP growth forecast of 6.0% vis-à-vis 7.2% in FY23.