New Delhi: India’s industrial output growth recovered to a seven-month high of 5.9% in May. The Index of Industrial Production (IIP) was at 5% in April. The pace of growth in the index of industrial production has stayed above 5 percent for four consecutive months. For the first two months of the year, industrial output growth has averaged 5.4 percent compared with 5.1 percent in April-May 2024.
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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Consumer non-durables production recorded a minor 2.3% growth in May, compared with a 2.5% contraction in April. Their total output in the first two months of 2024-25 still remains 0.1% below the same period last year.
Electricity growth soared to 13.7 percent in May compared with 10.2 percent in April, while manufacturing, which accounts for nearly two-thirds of the index, was up 4.6 percent in May from 3.9 percent earlier. Data released last month had indicated that growth in the core industries, which account for 40 percent of index, had eased to 6.3 percent in May compared with 6.7 in the previous month.
Mining, one of the three key sectors tracked by the index, eased to 6.6 percent from 6.8 percent in the previous month.
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