India’s IIP records 5.0% growth in first month of financial year 2024-25

Team News Riveting

New Delhi, June 12

The Quick Estimates of Index of Industrial Production (IIP) are released on 12^th of every month (or previous working day if 12^th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

            Key Highlights:

Indices

1.  For the month of April 2024, the Quick Estimates of IIP with base 2011-12 stands at 147.7 against 140.7 in April 2023. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2024 stand at 130.8, 144.2 and 212.0 respectively.
2.  As per Use-based classification, the indices stand at 152.2 for Primary Goods, 95.3 for Capital Goods, 156.9 for Intermediate Goods and 183.3 for Infrastructure/ Construction Goods for the month of April 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 118.7 and 151.0 respectively for the month of April 2024.

Growth Rate (Y-o-Y)

1. The IIP growth rate for the month of April 2024 over the corresponding period of previous year is 5.0 percent. The IIP growth rate in April 2023 was  4.6 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of April 2024 over April 2023 are 6.7 percent, 3.9 percent and 10.2 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of April 2024 are – “Manufacture of basic metals” (8.1%), “Manufacture of coke and refined petroleum products” (4.9%), and “Manufacture of motor vehicles, trailers and semi-trailers” (11.4%).
2. The corresponding growth rates of IIP as per Use-based classification in April 2024 over April 2023 are 7.0 percent in Primary goods, 3.1 percent in Capital goods, 3.2 percent in Intermediate goods, 8.0 percent in Infrastructure/ Construction Goods, 9.8 percent in Consumer durables and -2.4 percent in Consumer non-durables (Statement III).  Based on use-based classification, top three positive contributors to the growth of IIP for the month of April 2024 are – Primary goods, Infrastructure/Construction goods and Consumer durables.
3.          Monthly Indices and Growth Rate (in %) of IIP for the last 13 months

Along with the Quick Estimates of IIP for the month of April 2024, the indices for March 2024 have undergone the first revision and those for January 2024 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for April 2024, the first revision for March 2024 and the final revision for January 2024 have been compiled at weighted response rates of 92 percent, 96 percent and 96 percent respectively.

Details of Quick Estimates of the Index of Industrial Production for the month of April 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 12 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.