New Delhi [India], September 12 : India's industrial production showed steady growth in July 2024, with the Index of Industrial Production (IIP) recording a rise of 4.8 per cent.
This marks an improvement from the 4.7 per cent growth seen in June 2024, according to data released by the Ministry of Statistics and Programme Implementation on Thursday.
The Quick Estimates for July 2024 show that the IIP stands at 149.6, up from 142.7 in July 2023, reflecting a year-on-year improvement.
Notably, the manufacturing and electricity sectors were significant drivers of this growth, with electricity posting a 7.9 per cent increase and manufacturing recording a 4.6 per cent rise. The mining sector also contributed, growing by 3.7 per cent in the same period.
Within the manufacturing sector, specific industries performed particularly well. The production of basic metals grew by 6.4 per cent, while the manufacture of coke and refined petroleum products saw a 6.9 per cent increase.
The standout performer was the manufacture of electrical equipment, which surged by 28.3 per cent, making it the top contributor to the sector's overall growth.
Analyzing the IIP based on the type of goods produced, the indices revealed varied performance. Primary goods recorded an index of 150.1, while capital goods, essential for long-term industrial investments, grew by 12 per cent, with an index of 114.4.
Intermediate goods saw an increase of 6.8 per cent, while infrastructure/construction goods reached an index of 178.7, showing the continued strength of India's infrastructure development. Consumer durables registered a healthy 8.2 per cent growth, but consumer non-durables experienced a decline of 4.4 per cent, indicating some challenges in this segment.
The growth rates based on use classification in July 2024 over the same period last year show promising trends, particularly in primary goods (5.9 per cent), capital goods (12 per cent), and consumer durables (8.2 per cent). However, the drop in consumer non-durables highlights areas for improvement in meeting consumer demand for daily-use products.
The data for June 2024 has undergone its first revision, while April 2024 figures have been finalized. These revisions reflect updated information from source agencies.
The response rates for the July Quick Estimates, June's first revision, and April's final revision were 91 per cent, 94 per cent, and 96 per cent, respectively, ensuring reliable and accurate reporting of industrial production data.
Looking ahead, the IIP data for August 2024 is set to be released on Friday, October 11.
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