New Delhi: India’s industrial output growth, based on IIP, reported a growth of 4.8 per cent in July 2024. This is mainly due to poor show by mining and manufacturing sectors. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 6.2 per cent in July 2023. Data released by the National Statistical Office (NSO) revealed this.
As per the data, manufacturing sector’s output grew 4.6 per cent in July 2024 against 5.3 per cent in the year-ago month. Mining production rose by 3.7 per cent and power output increased 7.9 per cent in July 2024. In the April-July period, the IIP grew 5.2 per cent against 5.1 per cent in the year-ago period.
As per use-based classification, the capital goods segment growth accelerated to 12% in July 2024 from 5.1% in the year-ago period. In July this year, consumer non-durable output declined by 4.4% compared to a growth of 8.3% in July 2023.
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Consumer durable goods production grew by 8.2% during the reporting month against a contraction of 3.6% in July 2023. According to the data, infrastructure/construction goods reported a growth of 4.9% in July 2024, down from a 12.6% expansion in the year-ago period.
The data also showed that the output of primary goods logged a 5.9% growth in July this year, down from 7.7% a year earlier. The expansion in the intermediate goods segment was 6.8% in the month under review, higher than the 3.2% recorded a year ago.
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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