Index of Industrial Production stands at 4.8% in July

13 Sep 2024 Evaluate

India’s industrial production output, measured in terms of the Index of Industrial Production (IIP), decelerated to 4.8 per cent year-on-year in July 2024, mainly due to poor performance of the manufacturing and mining sectors. The factory output growth was revised to 4.7 per cent in June from provisional estimates of 4.2 per cent released last month. The IIP grew by 6.2 per cent in July 2023. The Quick Estimates of IIP stood at 149.6 against 142.7 in July 2023. During the April-July period this fiscal, the IIP growth was 5.2 per cent against 5.1 per cent in the same period of the preceding fiscal.

The Ministry of Statistics & Programme Implementation in its data showed that the mining output growth decelerated to 3.7 per cent in July from 10.7 per cent expansion in the year-ago month. The manufacturing sector’s growth declined to 4.6 per cent in July from 5.3 per cent a year ago. The power generation increased by 7.9 per cent in July against a growth of 8 per cent in the same month of the last year. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2024 stand at 116.0, 148.6 and 220.2 respectively.

As per use-based classification, the output of primary goods logged a 5.9 per cent growth in July this year, down from 7.7 per cent a year earlier. The capital goods segment growth accelerated to 12 per cent in July 2024 from 5.1 per cent in the year-ago period. The expansion in the intermediate goods segment was 6.8 per cent in the month under review, higher than the 3.2 per cent recorded a year ago.

The data also showed that Infrastructure/construction goods reported a growth of 4.9 per cent in July 2024, down from a 12.6 per cent expansion in the year-ago period. Consumer durable goods production grew by 8.2 per cent during the reporting month against a contraction of 3.6 per cent in July 2023. In July this year, consumer non-durables output declined by 4.4 per cent compared to a growth of 8.3 per cent in July 2023.

The indices stand at 150.1 for Primary Goods, 114.4 for Capital Goods, 164.3 for Intermediate Goods and 178.7 for Infrastructure/ Construction Goods for the month of July 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 126.6 and 146.8 respectively.

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