India’s industrial sector witnessed a significant growth in March 2024, with the Index of Industrial Production (IIP) rising by 4.9% compared to the same period last year. This growth reflects a positive trend in the country’s manufacturing, mining, and electricity sectors.
According to the latest data released by the Ministry of Statistics & Programme Implementation, the Quick Estimates of IIP for March 2024 stand at 159.2, based on the 2011-12 index. Among the sectors, manufacturing recorded the highest growth rate of 5.2%, followed by electricity at 8.6%, and mining at 1.2%.
Within the manufacturing sector, key contributors to the growth include the production of basic metals, pharmaceuticals, and other transport equipment, which saw growth rates of 7.7%, 16.7%, and 25.4% respectively.
The cumulative growth rate for the period of April-March 2023-24 stands at 5.8% compared to the previous year, indicating sustained growth in the industrial sector.
Use-based classification reveals that primary goods, capital goods, intermediate goods, infrastructure/construction goods, consumer durables, and consumer non-durables all experienced growth in March 2024 compared to March 2023.
These figures are crucial indicators of the health of India’s industrial sector and provide insights for policymakers and businesses alike. The data, compiled with a weighted response rate of 93%, underscores the resilience and growth potential of India’s industrial economy.
Revisions to the indices for February 2024 and December 2023 have been made based on updated data, reflecting the ministry’s commitment to providing accurate and timely information to the public.
