IIP growth slows to 4.8% in July: Data
Poor performance by manufacturing and mining sectors led to deceleration
NEW DELHI: India’s industrial production output decelerated to 4.8 per cent year-on-year in July 2024, mainly due to poor performance of the manufacturing and mining sectors, as per official data released on Thursday.
The factory output growth, measured in terms of the Index of Industrial Production (IIP), was revised to 4.7 per cent in June from provisional estimates of 4.2 per cent released last month. The IIP for July 2024 was 4.8 per cent, as per the data.
During the April-July period this fiscal, the IIP growth was 5.2 per cent against 5.1 per cent in the same period of the preceding fiscal.
The IIP grew by 6.2 per cent in July 2023, according to a statement by the Ministry of Statistics & Programme Implementation.
As per the data, the mining output growth decelerated to 3.7 per cent in July from 10.7 per cent expansion in the year-ago month.
The manufacturing sector’s growth declined to 4.6 per cent in July from 5.3 per cent a year ago.
The power generation increased by 7.9 per cent in July against a growth of 8 per cent in the same month of the last year.
As per use-based classification, the capital goods segment growth accelerated to 12 per cent in July 2024 from 5.1 per cent in the year-ago period.
In July this year, consumer non-durables output declined by 4.4 per cent compared to a growth of 8.3 per cent in July 2023.
Consumer durable goods production grew by 8.2 per cent during the reporting month against a contraction of 3.6 per cent in July 2023.
According to the data, infrastructure/construction goods reported a growth of 4.9 per cent in July 2024, down from a 12.6 per cent expansion in the year-ago period.
The data also showed that the output of primary goods logged a 5.9 per cent growth in July this year, down from 7.7 per cent a year earlier.
The expansion in the intermediate goods segment was 6.8 per cent in the month under review, higher than the 3.2 per cent recorded a year ago.