Industrial output of India slows to 4.9% in March
India’s industrial output growth slowed to 4.9% in March from 5.6% in February, the National Statistical Office revealed, with base effects from last March, when output had grown a feeble 1.9%, boosting the uptick.
Mining output slid to a 19-month low growth of 1.2%, while electricity generation rose 8.6% from a 1.6% contraction in March 2023
Manufacturing, which constitutes 77.6% of the Index of Industrial Production (IIP), grew at a five-month high pace of 5.2% in March, relative to a mild 1.5% uptick in the same month last year.
Manufacturing growth for February was revised to 4.9% from 5% estimated earlier, along with the month’s IIP growth which was downgraded from 5.7%.
Overall industrial output grew 5.8% in 2023-24, a tad higher than the 5.2% rise in the previous year
Index of Industrial Production (IIP)
IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
It is compiled and published monthly by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
It is a composite indicator that measures the growth rate of industry groups classified under:
Broad sectors, namely, Mining, Manufacturing, and Electricity.
Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.
Base Year for IIP is 2011-2012.
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