India's industrial output declines to 4.9 pc in March vs 5.7 pc in Feb 2024
May 10, 2024
New Delhi [India], May 10 : India's index of industrial production (IIP) slowed to 4.9 per cent in March from 5.7 per cent in February this year, as per the data released by the Ministry of Statistics & Programme Implementation.
The data highlights that the manufacturing sector recorded a growth rate of 5.2 per cent, with contributions from various segments including the manufacture of basic metals, pharmaceuticals, and other transport equipment.
"Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for March 2024 is - "Manufacture of basic metals" (7.7 per cent), "Manufacture of pharmaceuticals, medicinal chemical and botanical products" (16.7 per cent), and "Manufacture of other transport equipment" (25.4 per cent)," the ministry said in a release.
"The Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for March 2024 stand at 156.1, 155.1 and 204.2 respectively" it added.
The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8 per cent.
The cumulative growth rates of the three sectors, Mining at 7.5 per cent, Manufacturing at 5.5 per cent and Electricity at 7.1 per cent for the period of April-March 2023-24 over the corresponding period of the previous.
The data showed that the indices for Primary Goods stand at 162.2, for Capital Goods at 130.5, for Intermediate Goods at 167.5, and 194.2 for Infrastructure/ Construction Goods for March.
"Overall IIP grew at 4.9 per cent in March 2024, of which manufacturing grew at 5.2 per cent, electricity at 8.6 per cent and mining at 1.2 per cent. The high growth of consumer durables at 9.5 per cent and capital goods at 6.1 per cent indicates an expansion of investment trajectory in the country," said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
Further, the indices for Consumer durables and Consumer non-durables stand at 129.9 and 154.7 respectively for March 2024.
The corresponding growth rates of IIP as per Use-based classification in March 2024 over March 2023 are 2.5 per cent in Primary goods, 6.1 per cent in Capital goods, 5.1 per cent in Intermediate goods, 6.9 per cent in Infrastructure/ Construction Goods, 9.5 per cent in Consumer durables and 4.9 per cent in Consumer non-durables.
