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The factory output growth measured in terms of the Index of Industrial Production (IIP) decelerated to an 8-month low of 2.4 per cent in November, mainly due to poor performance by the manufacturing sector. India's industrial production was 7.6 per cent in November 2022. The previous low of IIP growth was recorded at 1.9 per cent growth in March 2023. The IIP growth at 2.4 per cent in November is the lowest so far in the current fiscal. During April-November 2023-24, the IIP growth works out to be 6.4 per cent, up from 5.6 per cent in the corresponding period a year ago. The IIP for October 2023 was revised to 11.6 per cent from provisional estimates of 11.7 released last month. For the month of November 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 141.0.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output growth decelerated to 1.2 per cent in November 2023 against 6.7 per cent a year ago. The power generation growth also slowed to 5.8 per cent in November 2023 compared to 12.7 per cent growth in the year-ago period. Mining output growth came down to 6.8 per cent in the month under review from 9.7 per cent growth a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2023 stood at 131.1, 139.2 and 176.3 respectively.

As per use-based classification, the output of primary goods logged 8.4 per cent growth in the month compared to 4.8 per cent in the year-ago period. The capital goods segment contracted 1.1 per cent in November this year compared to a growth of 20.7 per cent in the year-ago month. The intermediate goods output in November remained flat at 3.5 per cent. Infrastructure/construction goods reported a marginal growth of 1.5 per cent against a 14.3 per cent expansion. 

Consumer durables output during the month declined by 5.4 per cent against 5 per cent growth a year ago. Consumer non-durable goods output contracted by 3.6 per cent compared to a 10 per cent expansion a year earlier. The indices stood at 143.8 for Primary Goods, 98.0 for Capital Goods, 151.4 for Intermediate Goods and 164.1 for Infrastructure/ Construction Goods for the month of November 2023. Further, the indices for Consumer durables and Consumer non-durables stood at 105.9 and 156.9 respectively for the month of November 2023.