New Delhi: India’s industrial production (IIP) growth touched a six-month high in November 2024. The factory output growth surged 5.2 per cent year-on-year in November 2024. The Index of Industrial Production (IIP) recorded a growth of 2.5 per cent in November 2023. Data released by the Ministry of Statistics & Programme Implementation revealed this.
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.
As per the data, the mining output growth decelerated to 1.9 per cent in November 2024 from 7 per cent expansion in the year-ago month. The manufacturing sector’s growth accelerated to 5.8 per cent in November from 1.3 per cent a year ago. Power generation growth slowed to 4.4 per cent from 5.8 per cent a year ago.
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As per use-based classification, the capital goods segment growth accelerated to 9 per cent in November 2024 against a contraction of 1.1 per cent in the year-ago period.
Consumer durable (or white) goods production grew by 13.1 per cent during the reporting month against a contraction of 4.8 per cent in November 2023. In November 2024, consumer non-durables output growth remained almost flat at 0.6 per cent compared to a contraction of 3.4 per cent in November 2023.
Infrastructure/construction goods reported a growth of 10 per cent in November 2024, up from a 1.5 per cent expansion in the year-ago period. The output of primary goods logged a 2.7 per cent growth in November 2024 against 8.4 per cent a year earlier. The expansion in the intermediate goods segment was 5 per cent in the month under review, higher than 3.4 per cent a year ago.
The previous high growth rate at 6.3 per cent was recorded in May 2024. It grew by 4.9 per cent in June and 5 per cent in July 2024. The IIP growth was flat in August before picking up at 3.1 per cent in September and 3.7 per cent in October 2024. The growth in the factory output, measured in terms of the IIP, in April-November 2024 grew by 4.1 per cent against 6.5 per cent in the year-ago period.
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