India’s industrial production rose to three-month high in October

New Delhi: India’s industrial production rose to three-month high in October. As per data released by the Ministry of Statistics and Programme Implementation, the  Index of Industrial Production (IIP) in the country rose to 3.5 percent in October this year. It was at 3.1 per cent in September this year. October marks the second consecutive month of rise in industrial output, after a slight contraction in August.

The industrial growth rate of the manufacturing sector, which accounts for more than three-fourths of the index of industrial production (IIP), recorded a growth of 4.1 per cent in October. Within the manufacturing sector, 18 out of 23 industry groups have recorded a positive growth in October over the same month of the previous year. The top three positive contributors are – “Manufacture of basic metals” (3.5 per cent), “Manufacture of electrical equipment” (33.1 per cent) and “Manufacture of coke and refined petroleum products” (5.6 per cent).

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While electricity generation grew two percent and mining activity increased by 0.9 percent. The output of consumer non-durables such as soaps and cosmetics went up by 2.7 per cent during the month. The output of intermediate goods went up by 3.7 per cent while there was an increase of 4 per cent in infrastructure/construction goods during October compared to the same month of the previous year, the figures further showed.

The corresponding growth rates of IIP as per Use-based classification in October 2024 over October 2023 stood at 2.6 percent in Primary goods, 3.1 percent in Capital goods, 3.7 percent in Intermediate goods, 4 percent in Infrastructure or Construction Goods, 5.9 percent in Consumer durables and 2.7 percent in Consumer non-durable.

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.