India’s industrial production soared to a 12-month high in May on the back of a statistical base effect and strong performance in manufacturing and electricity sectors, triggering hopes of a robust rebound in the crucial sector.
Data showed the index of industrial production rose an annual 19. 6% in May, sharply higher than the downwardly revised 6.7% in April and lower than the 27.6% in May 2021. Growth in the April-May period was at 12.9% compared with an expansion of 67.3% in the year earlier period. The manufacturing sector rose 20.6% compared with an expansion of 32.1% in the year earlier period while the electricity sector shot up 23.5% during the month compared with a growth of 7.5% in May 2021. The mining sector rose 10. 9% compared with a growth of 23.6% in May 2021.