India’s industrial production growth slowed to a three-month low of 3.2 per cent in December 2024, mainly due to poor performance of mining and manufacturing sectors, according to official data released on Wednesday.
Photograph: Mukesh Gupta/Reuters
The government has also revised the November 2024 industrial output figure to 5 per cent from the provisional estimate of 5.2 per cent released in the previous month.
The pace of factory output growth stood at the same level of 3.2 per cent in September and flat in August 2024. The growth was recorded at 3.7 per cent in October 2024.
The country’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 4.4 per cent in December 2023.
India’s Index of Industrial Production increased by 3.2 per cent in December 2024, an official statement said.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew 3 per cent in December 2024, down from 4.6 per cent in the year-ago month.
Mining production growth declined to 2.6 per cent from 5.2 per cent year-on-year.
Power output increased to 6.2 per cent in December 2024 from 1.2 per cent a year ago.
In the April-December 2024 period, the IIP grew 4 per cent, slower than 6.3 per cent recorded in the year-ago period.
As per use-based classification, the capital goods segment growth accelerated to 10.3 per cent in December 2024 against a growth of 3.7 per cent in the year-ago period.
Consumer durables (or white goods production) grew by 8.3 per cent during the reporting month against a growth of 5.2 per cent in December 2023.
In December 2024, consumer non-durables output contracted 7.6 per cent in December last year compared to a growth of 3 per cent in December 2023.
According to the data, infrastructure/construction goods reported a growth of 6.3 per cent in December 2024, up from a 5.5 per cent expansion in the year-ago period.
The data also showed that the output of primary goods logged a 3.8 per cent growth in December 2024 against 4.8 per cent a year earlier.
The expansion in the intermediate goods segment was 5.9 per cent in the month under review, higher than 3.7 per cent a year ago.
