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India’s industrial production clocks 4.2 pc growth in June
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India’s Index of Industrial Production (IIP) rose by 4.2 per cent in June this year over the same month of the previous year, data released by the Ministry of Statistics on Monday showed.
The growth rates of the Mining, Manufacturing and Electricity sectors for June 2024 over June 2023 are 10.3 per cent, 2.6 per cent and 8.6 per cent respectively, according to the latest figures.
Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP during June 2024 are – Manufacture of basic metals (4.9 per cent), Manufacture of electrical equipment (28.4 per cent), and Manufacture of motor vehicles, trailers and semi-trailers (4.1 per cent).
The corresponding growth rates of IIP as per use-based classification in June 2024 over June 2023 are 6.3 per cent in primary goods and 3.1 per cent in intermediate goods.
Data on use-based classification shows that the output of consumer durables such as refrigerators, washing machines and TVs surged by 8.6 per cent which is a positive sign of demand for these goods picking up in a growing economy.
However, the production of capital goods, which comprise machines that produce goods and thus reflect the real investment taking place in the economy, grew at 2.4 per cent.
There was a 4.4 per cent growth in output of infrastructure/construction goods during the month.
The IIP growth rate in June 2023 was 4.0 per cent.
The IIP index had risen by 5.9 per cent in May this year compared to the same month last year accelerating from 5 per cent in April.
The growth rates of the Mining, Manufacturing and Electricity sectors of the index stood at 6.6 per cent, 4.6 per cent and 13.7 per cent respectively in May 2024 compared to the same month last year.
The Quick Estimates of IIP are released on the 12th of every month with a six-week lag and compiled with data received from source agencies, which in turn receive the data from the producing factories. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP, the Ministry said.
