Suspense Crime Sach Ka Dam
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New Delhi: Recently released data on the Index of Industrial Production (IIP) shows that consumer durables performed poorly in 2022-23 as compared to the previous year. Comparing FY2023 with the pre-Covid output, the performance of consumer goods seems to be getting worse.
However, the production of consumer goods is expected to grow by only 0.5 per cent in 2022-23, as against 3.2 per cent in the previous year. At the same time, compared to the pre-covid year 2019-20, there has been a decline of about 4 percent in production. This is despite an 8.7 per cent decline in the production of consumer goods in 2019-20. If we talk about a year ago, there has been a decrease of 12 percent in the production of consumer goods in 2022-23 as compared to 2018-19.
There has been a decrease in consumer goods in 7 months during 2022-23. The story is different in other sectors as India is projected to grow at 5.1 per cent in 2022-23, as against 11.4 per cent last year. This is an increase of 7.2 per cent as compared to 2019-20, while it has increased by 6.3 per cent as compared to 2018-19.
The manufacturing sector is expected to grow at 4.5 per cent in 2022-23, as against 11.8 per cent growth in the previous year. It is a broad category of consumer goods. The manufacturing sector is expected to grow by 5.6 per cent in 2022-23 over 2019-20 and 4.1 per cent over 2018-19.
Stagnant demand is the reason behind the poor performance of the goods manufacturing sector due to rising inflation and lower earnings in the Covid era. The recent decline in inflation is likely to have a positive impact on the sector. For example, automobile production to increase by 12.55 per cent to 259 lakh in 2022-23 from 230 lakh in the previous year.
Economists said that the production of consumer goods remains low due to demand conditions. He said high inflation and low income growth have hit demand. This also includes rural demand, which has not lived up to expectations.
