IIP: The country’s industrial output rose 5.2% in November to a six-month high
New Delhi| The industrial production (IIP) figure strengthened due to increased demand during festivals in the country and boom in the manufacturing sector. It rose 5.2 percent year-on-year to a six-month high in November 2024. According to official data released on Friday by the Ministry of Statistics and Program Implementation, the Index of Industrial Production (IIP) strengthened by 2.5 percent in November, 2023.
Previously the highest growth rate in industrial production was 6.3 percent in May, 2024. The growth rate was 4.9 percent in June compared to five percent in July. IIP growth had been steady in August but it was 3.1 percent in September compared to 3.7 percent in October|
According to the data, the growth of industrial production measured in terms of IIP stood at 4.1 per cent in April-November 2024, compared to 6.5 per cent in the same period a year earlier. According to the data, the growth rate of mining production declined to 1.9 percent in the month of November, whereas a year ago it had registered a growth of seven percent. Manufacturing sector growth peaked at 5.8 percent in November, up from 1.3 percent a year earlier.
The growth rate of electricity generation declined to 4.4 per cent, from 5.8 per cent a year earlier. According to the use based classification, the growth of the capital goods segment increased to nine percent in November, 2024, compared to a decline of 1.1 percent in the same period a year earlier. Due to festive demand, the production of consumer durable (large electronics products) goods in November grew by 13.1 per cent during the month under review. However, it had dropped by 4.8 percent in November, 2023.
The growth rate of consumer non-durables production remained almost stable at 0.6 percent in November, 2024, while it recorded a decline of 3.4 percent in November, 2023. Infrastructure/construction goods grew 10 percent in November, 2024, up 1.5 percent in the same period a year earlier, according to the data. According to the data the production of primary commodities registered a growth of 2.7 percent in November, 2024, compared to 8.4 percent in November the year before.
