India’s industrial production grew by 3.5% in October 2024, slightly up from 3.1% in September, according to the Quick Estimates released by the Ministry of Statistics & Programme Implementation on Thursday. The data reflect a gradual recovery in the industrial sector, driven largely by the manufacturing industry.
Sectoral analysis showed mixed results, with mining growing by 0.9%, manufacturing by 4.1%, and electricity production by 2.0% in October. The manufacturing sector showed resilience, with 18 of 23 industry groups at the 2-digit NIC level recording positive growth compared to the same period last year. The overall Index of Industrial Production (IIP) for October 2024 stood at 149.9, up from 144.9 in October 2023.
Key manufacturing sub-sectors played a crucial role in the recovery. The “Manufacture of basic metals” grew by 3.5%, supported by higher production of steel pipes, galvanized steel products, and mild steel bars. The “Manufacture of electrical equipment” saw robust growth of 33.1%, driven by items such as electric heaters, small transformers, and optical fiber connectors. The “Manufacture of coke and refined petroleum products” rose by 5.6%, with petrol, aviation turbine fuel (ATF), and liquefied petroleum gas (LPG) among the main contributors.
Use-based classification highlighted a balanced growth across categories. Primary goods grew by 2.6%, capital goods by 3.1%, intermediate goods by 3.7%, and infrastructure and construction goods by 4.0%. The consumer sector showed strong demand, with consumer durables rising by 5.9% and consumer non-durables by 2.7%.
The October estimates were compiled with a weighted response rate of 96%, ensuring high accuracy. Alongside the latest data, revisions were made to earlier figures, with September 2024 undergoing its first revision and July 2024 receiving its final update.
The IIP data for November 2024 is scheduled for release on January 10, 2025, offering further insights into the industrial production trajectory.
(With inputs from ANI)