IIP growth rate: The country’s industrial production has reached the level of about 5 percent in March with the help of good performance of manufacturing and power sectors. According to the data of the National Statistical Office, India’s Indian Industrial Production (IIP) increased by 4.9 percent in March 2024 and a growth of 1.9 percent was seen in March 2023.
The data shows that manufacturing sector output grew by 5.2 percent in March 2024, compared to 1.5 percent in the same month a year ago. Mining production grew by 1.2 percent in March this year while power production recorded a growth of 8.6 percent. The country’s industrial production grew at the rate of 5.8 percent during the entire financial year 2023-24, whereas its growth rate in the financial year 2022-23 was 5.2 percent.
Increase in foreign exchange reserves
After a decline of last three weeks, the country’s foreign exchange reserves increased by $ 3.67 billion to $ 641.59 billion in the week ending May 3. Earlier, in the week ending April 26, the country’s foreign exchange reserves had declined by $ 2.41 billion to $ 637.92 billion. After several weeks of rally, it had reached a new all-time high of $ 648.56 billion in the week ending April 5.
condition of gold reserve
Let us tell you that in the week ending May 3, foreign currency assets, considered an important part of the currency reserves, increased by $ 4.46 billion to $ 564.16 billion. The Reserve Bank said that the value of gold reserves declined by $653 million during the week to $54.88 billion. The Reserve Bank said that Special Drawing Rights (SDR) increased by $ 2 million to $ 18.05 billion. According to the Reserve Bank, India’s reserve deposits with the International Monetary Fund (IMF) declined by $ 140 million to $ 4.49 billion in the week.
