India’s industrial production growth slows to 3.8% in December

13 Feb 2024 Evaluate

India’s industrial production growth slowed to 3.8 per cent in December 2023, mainly due to poor performance of mining and power generation segments. The factory output growth measured in terms of the Index of Industrial Production (IIP) was at 5.1 per cent in December 2022. In November last year, IIP growth stood at 2.4 per cent. During April-December period of this fiscal, IIP growth touched 6.1 per cent, up from 5.5 per cent in the corresponding period a year ago. For the month of December 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 151.5.

As per the latest data, the manufacturing sector’s output growth accelerated to 3.9 per cent in December 2023 as against 3.6 per cent a year ago. However, the Electricity sector growth slowed to 1.2 per cent in December 2023 from 10.4 per cent growth in the year-ago period. The mining output growth also declined to 5.1 per cent in the month under review from 10.1 per cent in the same period a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2023 stood at 139.4, 150.6 and 181.6 respectively.

As per use-based classification, the output of primary goods logged 4.6 per cent growth in December last year, down from 8.5 per cent in the year-ago period. The capital goods segment growth decelerated to 3.2 per cent in December 2023 compared to a growth of 7.8 per cent in the year-ago period. The expansion in intermediate goods segment was 3.4 per cent in the latest month under review, higher than 1.5 per cent recorded in the same period a year ago.

According to the data, infrastructure/construction goods reported a deceleration at 4.1 per cent in December 2023 compared to 11 per cent expansion in the same period a year ago. Consumer durables output expanded 4.8 per cent in December 2023. It had contracted 11.2 per cent in December 2022. Consumer non-durable goods output slowed to 2.1 per cent compared to 7.9 per cent expansion in December 2022.

The indices stood at 151.7 for Primary Goods, 103.3 for Capital Goods, 159.3 for Intermediate Goods and 177.9 for Infrastructure/ Construction Goods for the month of December 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 114.0 and 178.0 respectively for the month of December 2023.

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