India's Industrial Output Grows 4.9% Y-o-Y in March 2024

New Delhi, May 11 (KNN) The Index of Industrial Production (IIP) increased 4.9 per cent year-on-year in March, slower than the 5.8 per cent cumulative growth for the full fiscal year 2023-24, according to the latest quick estimates from the Ministry of Statistics and Programme Implementation (MoSPI).

The mining sector saw a modest 1.2 per cent rise, while manufacturing output rose 5.2 per cent and electricity generation jumped 8.6 per cent.

Among manufacturing sub-sectors, basic metals (7.7 per cent growth), pharmaceuticals (16.7 per cent) and other transport equipment (25.4 per cent) were the top performers in March.

In use-based categories, capital goods (6.1 per cent), infrastructure/construction goods (6.9 per cent) and consumer durables (9.5 per cent) saw solid expansion. 

However, primary goods (2.5 per cent), intermediate goods (5.1 per cent) and consumer non-durables (4.9 per cent) lagged.

For 2023-24 as a whole, IIP expanded at a healthy 5.8 per cent pace compared to the prior fiscal year. 

Manufacturing climbed 5.5 per cent, mining 7.5 per cent and electricity 7.1 per cent.

The data suggests industrial momentum moderated slightly toward the end of the fiscal year after a robust performance overall. 

Economists will watch factory output closely for signs of resilience amid global headwinds in the new fiscal.

(KNN Bureau)