India’s industrial output growth hit a three-month low of 3.7% in June, from a revised 5.3% in May, according to official data, with consumer durables’ production slipping back into contraction mode, and manufacturing growth slowing to 3.1% from 5.8% in May.
The data released by National Statistical Office stated that mining output grew 7.6% in June, while Electricity generation, which had recorded a 0.9% uptick in May after two months of contraction, picked up pace to rise 4.2% in June.
Direct tax collections
India’s net direct tax collections had risen 17.33% as of August 10, with a kitty of ₹5.84 lakh crore that constitutes 32.03% of the total Budget Estimates from Direct Taxes in 2023-24.
Gross direct tax collections were at ₹6.53 lakh crore, as of August 10, 15.73% higher than the revenues for the corresponding period of last year. Refunds issued to taxpayers so far this year stand at ₹69,000 crore, 3.73% higher than this time last year.
Overall industrial output levels were, however, 1.2% below May.
Consumer durables, which had recorded the first uptick in six months during May to rise 1.23%, shrank a sharp 6.9% in June. Overall production of durables remains 2.8% below last year’s levels in the first quarter of 2023-24.
Infrastructure and construction goods continued a strong double-digit growth streak for the third month in a row, rising 11.3% in June. However, their output was 1.6% lower than May.
