For the full April–October period, India's industrial output (IIP) remained up by 5.3% year-on-year . However, this was a massive slowdown compared to the 20.5% growth seen in the same period the previous year.
In May 2022, the Indian government raised export taxes by 15% on steel intermediates . This was intended to prioritize domestic supply but resulted in a 55% year-on-year drop in finished steel exports during this window. 3. The "Make in India" Defense Milestone Winchester India – April-October 2022
India solidified its position as the world's second-biggest crude steel producer during these months, though trade policies shifted the landscape: This was intended to prioritize domestic supply but
The April-October 2022 window was defined by India's transition from "Recovery" to "Resilience." While the 4% IIP crash in October was a wake-up call, the period also saw India assert its independence in defense and heavy manufacturing, setting the stage for the more stable growth seen in 2023. In April 2022, India scrapped a $1
In April 2022, India scrapped a $1.1 billion deal for Russian Mi-17V-5 helicopters in favor of locally produced models like the HAL Rudra and Dhruv .
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The Russian invasion of Ukraine (February 2022) cast a long shadow over this period.