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. 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.
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 April 2024, India’s industrial production experienced a 5% growth, primarily driven by robust performances in the mining and power sectors. This growth, measured by the Index of Industrial Production (IIP), slightly declined from 5.4% in March 2024 and 5.6% in February 2024.
Sector-wise Performance:
- Mining Sector: The mining industry saw a notable increase of 6.7% in output during April 2024, contributing significantly to the overall industrial growth.
- Power Sector: Electricity generation surged by 10.2%, reflecting heightened activity and demand within the energy sector.
- Manufacturing Sector: The manufacturing domain experienced a more modest growth of 3.9%, indicating a need for enhanced momentum to match the strides made in mining and power.
This data underscores the pivotal roles of the mining and power sectors in bolstering India’s industrial output. However, the relatively slower expansion in manufacturing suggests potential areas for policy intervention and strategic development to achieve balanced industrial growth.
Group Media Publication
Construction, Infrastructure and Mining
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