May 10th 2024.
In March of 2024, India's industrial production growth experienced a slight decline, dropping to 4.9%, according to official data released on Friday. This was mainly due to a decrease in performance from the mining sector. The Index of Industrial Production, which measures factory output, had shown a growth of 5.6% in February of that same year. However, the previous year in March 2023, the growth had only been 1.9%.
Looking at the bigger picture, for the fiscal year of 2023-24, the IIP growth reached 5.8%, an improvement from the 5.2% growth in the previous financial year. The Ministry of Statistics & Programme Implementation released a statement reporting that India's Index of Industrial Production had grown by 4.9% in March 2024.
Further analysis of the data showed that the mining sector had experienced a significant slowdown, with a growth of only 1.2% in March compared to 6.8% in the same month the year before. On the other hand, the manufacturing sector saw an increase in growth, reaching 5.2% in March compared to 1.5% the previous year. The power generation sector also showed improvement, with a growth of 8.6% in March compared to a contraction of 1.6% in the same month of the previous year.
When breaking down the data by use-base classification, the capital goods segment saw a decline in growth, dropping to 6.1% in March 2024 from 10% in the same period the year before. In contrast, consumer durables output saw a significant increase of 9.5% in March, a significant improvement from the 8% contraction seen in the same month the previous year. The production of consumer non-durable goods also showed growth, with a 4.9% increase compared to a 1.9% contraction in March 2023.
Looking at specific industries, infrastructure and construction goods saw a growth of 6.9% in March 2024, a slight decrease from the 7.2% growth seen in the same period the previous year. The data also revealed that the output of primary goods had a growth of 2.5% in March 2024, a decline from the 3.3% growth recorded in the same month a year earlier. However, the intermediate goods segment saw an increase in growth, reaching 5.1% in March compared to 1.8% in the same period the previous year.
Overall, while there was a slight decline in industrial production growth in March 2024, the data still showed a positive improvement compared to the previous year. The mining sector saw a significant slowdown, but other sectors such as manufacturing and power generation showed growth, contributing to the overall increase in industrial production.
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