India’s industrial production growth accelerated to a four-month high of 5.7 per cent in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.
Photograph: Steve Marcus/Reuters
The factory output growth measured in terms of the Index of Industrial Production (IIP) was 6 per cent in February 2023.
The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.
During the April-February period of 2023-24, IIP growth touched 5.9 per cent, up from 5.6 per cent in the year-ago period.
India’s Index of Industrial Production grew by 5.7 per cent in February 2024, according to a release by the Ministry of Statistics & Programme Implementation.
As per the latest data, the mining output growth accelerated to 8 per cent in February against 4.8 per cent in the year-ago month.
The manufacturing sector’s output growth decelerated to 5 per cent in February against 5.9 per cent a year ago.
The power generation growth also slowed to 7.5 per cent in February from 8.2 per cent growth in the same month of last year.
As per use-base classification, the capital goods segment growth fell to 1.2 per cent in February 2024 compared to 11 per cent in the year-ago period.
In February this year, consumer durables output expanded 12.3 per cent. It had contracted by 4.1 per cent in February 2023.
Consumer non-durable goods output declined by 3.8 per cent during the month compared to a 12.5 per cent expansion in February 2023.
According to the data, infrastructure/construction goods reported a growth of 8.5 in February 2024 against a 9 per cent expansion in the year-ago period.
The data also showed that the output of primary goods logged 5.9 per cent growth in February this year, down from 7 per cent a year ago.
The expansion in the intermediate goods segment was 9.5 per cent in the month under review, higher than the 1 per cent recorded in the same period a year ago.
