Index of industrial production grows by 3.8 per cent in January 2024
Mar 12, 2024
New Delhi [India], March 12 : The Ministry of Statistics and Programme Implementation has released the Quick Estimates of the Index of Industrial Production (IIP) for January 2024, revealing a growth of 3.8 per cent.
According to a press release by the Ministry, these estimates, compiled with data received from source agencies, provide valuable insights into the performance of various sectors in the industrial landscape.
For January 2024, the Quick Estimates of IIP with a base of 2011-12 stand at 153.0, showcasing a positive trend in industrial production.
The indices for the Mining, Manufacturing, and Electricity sectors are reported at 144.1, 150.1, and 197.1 respectively, indicating growth across these key sectors.
According to the Use-based classification, the indices for Primary Goods, Capital Goods, Intermediate Goods, Infrastructure/Construction Goods, Consumer Durables, and Consumer Non-durables stand at 154.2, 109.2, 163.0, 185.0, 120.7, and 163.9 respectively for January 2024.
The detailed Statement I provides a sectoral overview of the IIP, highlighting the performance of Mining, Manufacturing, and Electricity sectors over the past months.
Similarly, Statement II offers insights into the performance of different industries at the 2-digit level of the Construction Goods, Consumer Durables (NIC-2008).
Furthermore, Statement III presents the Use-based classification of the IIP, offering a nuanced understanding of industrial production trends in Primary Goods, Capital Goods, Intermediate Goods, Infrastructure/Construction Goods, Consumer Durables, and Consumer Non-durables.
The Ministry also provides a comprehensive overview of the monthly index of industrial production at the 2-digit level in Statement IV, facilitating a comparative analysis of industrial performance over the last 12 months.
Alongside the Quick Estimates for January 2024, the Ministry has revised the indices for December 2023, incorporating updated production data.
The indices for October 2023 have also undergone final revision, aligning with the latest available information.
The Ministry emphasizes that the growth rates over the corresponding period of the previous year should be interpreted in light of the unusual circumstances stemming from the COVID-19 pandemic since March 2020.
The release of the Index for February 2024 is scheduled for April 12, providing stakeholders with further insights into the evolving dynamics of India's industrial landscape.
