New Delhi: India’s industrial production grew 3.8 per cent in January 2024. Data released by the National Statistical Office (NSO) revealed this. Factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 5.8 per cent in January 2023.
As per the data, the manufacturing sector’s output grew 3.2 per cent in January 2024, down from 4.5 per cent in the year-ago month. In January this year, mining production rose 5.9 per cent, and power output increased 5.6 per cent.
The IIP grew 5.9 per cent during April 2023 to January 2024 compared to a 5.5 per cent expansion in the year-ago period. Meanwhile, for April 2023-January 2024, industrial growth stood at 5.9 percent as against 5.5 percent in April 2022-January 2023.
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In terms of the use-based classification of goods, production growth in January was as follows:
Primary goods: 2.9 percent versus 4.8 percent in December
Capital goods: 4.1 percent versus 3.6 percent in December
Intermediate goods: 4.8 percent versus 3.9 percent in December
Infrastructure goods: 4.6 percent versus 5.1 percent in December
Consumer durable goods: 10.9 percent versus 5.3 percent in December
Consumer non-durable goods: -0.3 percent versus 2.4 percent in December
IIP is an index that details out the growth of various sectors in the economy. The Eight Core Industries comprise more than 40% of the weight of items included in IIP. These Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas, and fertilizers.
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