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According to official data issued on Wednesday, India’s industrial production growth fell to a 3-month low of 5% in April 2024, primarily as a result of a weak performance by the manufacturing sector. The mining and electricity divisions fared better.
According to the Index of Industrial Production (IIP), factory output growth was 5.4% in March 2024 and 5.6% in February 2024.
In January 2024, the IIP reached its previous low of 4.2%.
IIP growth for the fiscal year 2023–24 was 5.9%, up from 5.2% for the previous fiscal year.
April 2024 saw a 4.6% increase in India’s Index of Industrial Production, according to a statement from the Ministry of Statistics & Programme Implementation.
According to the most recent figures, the growth in mining output in April increased to 6.7% from 5.1% in the same month last year.
The growth of the manufacturing sector slowed to 3.9% in April from 5.5% in the previous year.
Compared to the same month previous year, when power generation shrank by 1.1%, it climbed by 10.2% in April.
According to use-base classification, the growth of the capital goods segment decreased from 4.4% in the same period last year to 3.1% in April 2024.
The output of consumer durables increased by 9.8% in April of this year. It had shrunk by 2.3% in April of 2023.
Production of non-durable consumer goods decreased by 2.4% in the reporting month compared to an increase of 11.4% in April 2023.
The data indicates that the growth rate for infrastructure and construction items was 8% in April 2024 compared to a 13.4% expansion in the same period last year.
Additionally, the data indicated that the production of primary goods increased by 7% in April of this year compared to a growth of 1.9% in the same month last year.
In the month under examination, the intermediate goods segment expanded by 3.2%, which was more than the 1.7% registered in the same time last year.
Group Media Publication
Construction, Infrastructure and Mining
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