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India’s industrial production (IIP) growth accelerated to a six-month high of 5.2% year-on-year in November 2024, riding on the increased festive demand and pick up in manufacturing sector, according to the official data released on Friday (January 10, 2025).
The Index of Industrial Production (IIP) recorded a growth of 2.5% in November 2023, according to a statement by the Ministry of Statistics & Programme Implementation.
The previous high growth rate at 6.3% was recorded in May 2024. It grew by 4.9% in June and 5% in July 2024.
The IIP growth was flat in August before picking up at 3.1% in September and 3.7% in October 2024.
The growth in the factory output, measured in terms of the IIP, in April-November 2024 grew by 4.1% against 6.5% in the year-ago period, the data showed.
As per the data, the mining output growth decelerated to 1.9% in November from 7% expansion in the year-ago month.
The manufacturing sector’s growth accelerated to 5.8% in November from 1.3% a year ago.
Power generation growth slowed to 4.4% from 5.8% a year ago.
As per use-based classification, the capital goods segment growth accelerated to 9 per cent in November 2024 against a contraction of 1.1% in the year-ago period.
Showing festive demand, consumer durable (or white) goods production grew by 13.1% during the reporting month against a contraction of 4.8% in November 2023.
In November 2024, consumer non-durables output growth remained almost flat at 0.6% compared to a contraction of 3.4% in November 2023.
According to the data, infrastructure/construction goods reported a growth of 10% in November 2024, up from a 1.5% expansion in the year-ago period.
The data also showed that the output of primary goods logged a 2.7% growth in November 2024 against 8.4% a year earlier.
The expansion in the intermediate goods segment was 5 per cent in the month under review, higher than 3.4% a year ago.
Published – January 10, 2025 04:29 pm IST