New Delhi: India’s industrial production (IIP) growth accelerated to a six-month high of 5.2 per cent year-on-year in November 2024, riding on the increased festive demand and pick up in manufacturing sector, according to the official data released Friday.
The Index of Industrial Production (IIP) recorded a growth of 2.5 per cent in November 2023, according to a statement by the Ministry of Statistics & Programme Implementation.
The previous high growth rate at 6.3 per cent was recorded in May 2024. It grew by 4.9 per cent in June and 5 per cent in July 2024.
The IIP growth was flat in August before picking up at 3.1 per cent in September and 3.7 per cent in October 2024.
The growth in the factory output, measured in terms of the IIP, in April-November 2024 grew by 4.1 per cent against 6.5 per cent in the year-ago period, the data showed.
As per the data, the mining output growth decelerated to 1.9 per cent in November from 7 per cent expansion in the year-ago month.
The manufacturing sector’s growth accelerated to 5.8 per cent in November from 1.3 per cent a year ago.
Power generation growth slowed to 4.4 per cent from 5.8 per cent a year ago.
As per use-based classification, the capital goods segment growth accelerated to 9 per cent in November 2024 against a contraction of 1.1 per cent in the year-ago period.
Showing festive demand, consumer durable (or white) goods production grew by 13.1 per cent during the reporting month against a contraction of 4.8 per cent in November 2023.
In November 2024, consumer non-durables output growth remained almost flat at 0.6 per cent compared to a contraction of 3.4 per cent in November 2023.
According to the data, infrastructure/construction goods reported a growth of 10 per cent in November 2024, up from a 1.5 per cent expansion in the year-ago period.
The data also showed that the output of primary goods logged a 2.7 per cent growth in November 2024 against 8.4 per cent a year earlier.
The expansion in the intermediate goods segment was 5 per cent in the month under review, higher than 3.4 per cent a year ago.
PTI