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India’s industrial production growth accelerates to six-month high of 5.2% in November
Jan-10-2025

India’s industrial production growth, measured in terms of the Index of Industrial Production (IIP), accelerated to a six-month high of 5.2 per cent in November 2024, mainly due to good show by manufacturing sector. This marks a significant improvement from the previous month's (October 2024) growth rate of 3.5%. The factory output witnessed a growth of 2.5 per cent in November 2023. The Quick Estimates of IIP stood at 148.4 in November 2024 against 141.1 in November 2023. In the April-November period, the IIP grew 4.1 per cent, down from 6.5 per cent in the year-ago period. Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.

The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 5.8 per cent in November 2024, up from 4.4 per cent in the previous month. The mining sector grew by 1.9 per cent in November, compared to 0.9 per cent in the previous month. Electricity output rose by 4.4 per cent, higher than the 2 per cent growth reported in the prior month. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2024 stood at 133.8, 147.4 and 184.1 respectively.

Within the manufacturing sector, 18 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in November 2024 over November 2023. The top three positive contributors for the month of November 2024 are - Manufacture of basic metals (7.6 per cent), Manufacture of electrical equipment (37.2 per cent) and Manufacture of other non-metallic mineral products (12.0 per cent). 

Among use-based categories, primary goods posted a 2.7 per cent growth, marginally up from 2.5 per cent in October. Capital goods growth surged to 9 per cent, compared to 3.1 per cent in the previous month, Intermediate good growth inched up to 5 per cent, compared to 4.6 per cent in the previous month and infrastructure goods recorded a 10 per cent increase, up from 4.8 per cent. Consumer durables rose sharply by 13.1 per cent, against 5.7 per cent in October, while consumer non-durables posted a subdued growth of 0.6 per cent, down from 2.6 per cent. 


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