New Delhi [India], December 12 : The Index of Industrial Production (IIP) growth rate for October 2024 registered a modest increase to 3.5 per cent, up from 3.1 per cent in September 2024, according to the Quick Estimates released on December 12.
According to the Ministry of Statistics & Programme Implementation, sectoral analysis reveals mixed performances. Mining, Manufacturing, and Electricity sectors reported growth rates of 0.9 per cent, 4.1 per cent, and 2.0 per cent, respectively.
The manufacturing sector demonstrated resilience, with 18 out of 23 industry groups at the 2-digit NIC level recording positive growth compared to October 2023. The overall Quick Estimate of IIP for October 2024 stood at 149.9, a noticeable increase from 144.9 in October 2023.
The improvement underscores a steady recovery in industrial activity, with the manufacturing sector playing a pivotal role in driving growth.
Among the manufacturing sub-sectors, notable contributors to growth included "Manufacture of basic metals" (3.5 per cent), "Manufacture of electrical equipment" (33.1 per cent), and "Manufacture of coke and refined petroleum products" (5.6 per cent). Key drivers in the basic metals category were steel pipes and tubes, galvanized steel products, and mild steel bars and rods.
Similarly, in the electrical equipment category, electric heaters, small transformers, and optical fiber connectors emerged as significant growth drivers.
In the coke and refined petroleum segment, products such as petrol, aviation turbine fuel (ATF), and liquefied petroleum gas (LPG) stood out.
The IIP growth, based on use-based classification, displayed diversity across categories. Primary goods grew by 2.6 per cent, capital goods by 3.1 per cent, intermediate goods by 3.7 per cent, and infrastructure/construction goods by 4.0 per cent.
The consumer segment showed robust demand, with consumer durables growing by 5.9 per cent and consumer non-durables by 2.7 per cent. These indices underline a balanced recovery driven by both industrial and consumer demand.
The October 2024 Quick Estimates were compiled with a weighted response rate of 96 per cent, ensuring high data accuracy. Additionally, the IIP figures for September 2024 underwent the first revision, while those for July 2024 received their final update. These revisions reflect the ongoing efforts to enhance data reliability.
The IIP data for November 2024 are scheduled for release on January 10, 2025, providing further insights into the industrial production trajectory.
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