New Delhi: The Index of Industrial Production (IIP) in India witnessed a contraction of 0.1 percent in August. The Index of Industrial Production was 4.7 percent in the month of July. It witnessed a growth of 10.9 per cent in August 2023. Data released by the Ministry of Statistics and Programme Implementation showed this.
As per data, the estimates of IIP for August 2024 stood at 145.6. It was at 145.8 August 2023. The the growth in mining, manufacturing and electricity for August 2024 stood at (-) 4.3 per cent, 01 per cent and (-) 3.7 per cent, respectively. These three sectors are the major components of IIP. In April-August this fiscal, the IIP grew 4.2 per cent against 6.2 per cent in the year-ago period.
The capital goods segment grew 0.7 percent, intermediate goods 3.0 percent, construction goods 1.9 percent, and the consumer durables was 5.2 percent in August 2024 over same period last year. However, primary goods growth rate declined 2.6 percent and consumer non-durable contracted 4.5 percent.
The Index of Industrial Production 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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