India’s IIP grows at 4.2 pc in June’24 up from 4pc in June’23 but declines month on month

New Delhi [India], August 12 (ANI): India’s Index of Industrial Production (IIP) recorded a growth of 4.2 per cent in June 2024, marking a steady increase from the 4.0 per cent growth observed in June 2023, according to the data released by the Ministry of Statistics and Programme Implementation on Monday.

For June 2024, the Quick Estimates placed the IIP at 150.0, up from 143.9 in June 2023. This increase was largely driven by robust performances in key sectors. The mining sector, for instance, registered an index of 134.9, reflecting a substantial year-on-year growth rate of 10.3 per cent.

The manufacturing sector, which is critical to India’s industrial output, recorded an index of 145.3, with a year-on-year growth rate of 2.6 per cent. Meanwhile, the electricity sector displayed dynamism, achieving an index of 222.8 and a growth rate of 8.6 per cent over the same period last year.

When analysed based on use, the IIP indices for June 2024 showed varying levels of growth across different segments. The index for primary goods stood at 156.0, up by 6.3 per cent from June 2023, while capital goods, essential for future production capabilities, had an index of 110.0, reflecting a modest growth of 2.4 per cent.

Intermediate goods, another crucial segment, recorded an index of 159.0, showing a 3.1 per cent growth. The infrastructure and construction goods segment, a key indicator of economic development, recorded an index of 178.4, with a growth rate of 4.4 per cent. On the consumer front, the consumer durables segment saw a strong growth rate of 8.6 per cent, with an index of 126.9, while the consumer non-durables segment faced a slight contraction, with an index of 144.6, down by 1.4 per cent.

The manufacturing sector’s growth in June 2024 was influenced by three key industries. The manufacture of electrical equipment stood out with a remarkable growth rate of 28.4 per cent. The manufacture of basic metals continued its steady growth trajectory with a 4.9 per cent increase, while the manufacture of motor vehicles, trailers, and semi-trailers also contributed positively, registering a 4.1 per cent growth rate.

In addition to the Quick Estimates for June 2024, the ministry also revised the IIP indices for May 2024 and March 2024, based on updated data received from source agencies.

The revisions reflect weighted response rates of 93 per cent, 95 per cent, and 96 per cent for June, May, and March, respectively, highlighting the ministry’s commitment to providing accurate and timely industrial data.

The upcoming release of the IIP for July 2024, scheduled for September 12.

India’s Index of Industrial Production (IIP) for May registered a growth of 5.9 percent, an increase from the 5.7 percent recorded during the same month last year, according to data released by the Ministry of Statistics and Programme Implementation on July 12.