3.1% IIP Growth In September 2024 Shows Turnaround In Industrial Production
Date
11/13/2024 2:09:40 PM
(MENAFN- KNN India)
New Delhi, Nov 13 (KNN) India's index of Industrial Production (IIP) demonstrated a significant turnaround, recording a 3.1 percent growth in September 2024, a marked improvement from the negative 0.1 percent growth observed in August 2024, according to the latest Quick Estimates released by the government.
The manufacturing sector emerged as the primary driver of growth, posting a robust 3.9 percent increase, while the mining and electricity sectors showed modest gains of 0.2 percent and 0.5 percent respectively.
The overall IIP reached 146.7 in September 2024, compared to 142.3 in the corresponding month of the previous year.
Within the manufacturing sector, several industries displayed notable performance.
The manufacture of electrical equipment led with an impressive 18.7 percent growth, followed by coke and refined petroleum products at 5.3 percent, and basic metals at 2.5 percent, emerging as the top three positive contributors for the month.
Use-based classification data revealed broad-based growth across categories.
Consumer durables showed the strongest performance with a 6.5 percent increase, while intermediate goods grew by 4.2 percent.
Infrastructure and construction goods registered a 3.3 percent growth, followed by capital goods at 2.8 percent and primary goods at 1.8 percent. Consumer non-durables recorded a 2.0 percent increase.
The latest figures were compiled with a weighted response rate of 91 percent, while the first revision for August 2024 and final revision for June 2024 were calculated at response rates of 94 percent and 96 percent respectively.
The next IIP release, covering October 2024 data, is scheduled for December 12, 2024.
(KNN Bureau)
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