New Delhi: Factory output, as measured by the Index of Industrial Production (IIP) declined to 4.9 per cent in March, 2024. It was at 5.6 per cent in February, 2024. But, it is much higher than the 1.9 per cent recorded in the same month last year. Data released by the National Statistical Office (NSO) revealed this.
For the full financial year 2023-24, the factory output grew 5.8 per cent, marginally higher than 5.2 per cent in the previous year.
According to data, manufacturing grew at a five month high at 5.2 percent in March 2024 and by 5.5 percent for the full fiscal year 2023-24. Mining was slower by 1.2 percent in March and by 7.5 percent in the fiscal. Electricity generation expanded by 8.6 percent in March and grew by 7.1 percent between April 2023 and March 2024.
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On the consumption front, consumer durables output, which reflects consumption demand, grew 9.5 per cent in March as against 12.4 per cent in February and a low base of (-)8 per cent in the year-ago period. Consumer non-durables output, which reflects fast-moving consumer goods, grew 4.9 per cent in March as against (-)3.5 per cent in the previous month and (-)1.9 per cent in the year-ago period.
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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