New Delhi: India’s industrial production growth slipped to a 3-month low of 5 percent in April 2024, mainly due to poor performance by the manufacturing sector, though mining and power segments performed well, according to official data released on Wednesday, June 12.
Factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.4 percent in March and 5.6 percent in February 2024.
The previous low of IIP was recorded at 4.2 percent in January 2024.
For fiscal 2023–24, IIP growth was 5.9 percent, up from 5.2 percent in the preceding financial year.
India’s Index of Industrial Production grew by 4.6 percent in April 2024, according to a statement by the Ministry of Statistics and Programme Implementation.
As per the latest data, mining output growth accelerated to 6.7 percent in April against a 5.1 percent expansion in the year-ago month.
The manufacturing sector’s growth decelerated to 3.9 percent in April, compared to 5.5 percent a year ago.
The power generation increased by 10.2 percent in April, against a contraction of 1.1 percent in the same month of last year.
As per use-base classification, the capital goods segment growth fell to 3.1 percent in April 2024 from 4.4 percent in the year-ago period.
In April this year, consumer durables output expanded by 9.8 percent. It had contracted by 2.3 percent in April 2023.
Consumer non-durable goods production contracted by 2.4 percent during the reporting month as against a growth of 11.4 percent in April 2023.
According to the data, infrastructure and construction goods reported a growth of 8 percent in April 2024, against a 13.4 percent expansion in the year-ago period.
The data also showed that the output of primary goods logged 7 percent growth in April this year, up from 1.9 percent a year earlier.
The expansion in the intermediate goods segment was 3.2 percent in the month under review, higher than the 1.7 percent recorded in the same period a year ago.
