The Index Of Industrial Production Saw A Slight 5% Jump In April 2024

The Index Of Industrial Production Saw A Slight 5% Jump In April 2024

Index of Industrial Production (IIP) increased by 5 per cent as opposed to 4.6 per cent in the same month the previous year.

Vikrant DurgaleUpdated: Friday, June 14, 2024, 01:49 PM IST
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In April of FY25, the Index of Industrial Production (IIP) increased by 5 per cent as opposed to 4.6 per cent in the same month the previous year. The nation's factory output increased marginally from 4.9 per cent to 5.8 per cent in the preceding month.

Based on data from the Ministry of Statistics and Program Implementation, the Quick Estimates of IIP with base 2011–12 were 140.7 in April 2023 compared to 147.7 in April 2024.

As of April 2024, the Mining, Manufacturing, and Electricity sectors' respective Indices of Industrial Production are 130.8, 144.2, and 212.0.

The three sectors of mining, manufacturing, and electricity saw growth rates of 6.7 per cent, 3.9 per cent, and 10.2 per cent, respectively, in April 2024 compared to April 2023.

Within the manufacturing sector, "manufacture of basic metals" (8.1 per cent), "manufacture of coke and refined petroleum products" (4.9 per cent), and "manufacture of motor vehicles, trailers, and semi-trailers" (11.4 per cent) have the highest growth rates, contributing to the growth of IIP for April 2024, according to the report.

Notably, according to use-based classification, the corresponding growth rates of IIP (Index of Industrial Production) in April 2024 compared to April 2023 are as follows:

7.0 per cent for Primary goods, 3.1 per cent for capital goods, 3.2 per cent for intermediate goods, 8.0 per cent for infrastructure and construction goods, 9.8 per cent for consumer durables, and 2.4 per cent for consumer Non-durables. The top three factors positively contributing to the growth of IIP (Index of Industrial Production) for April 2024, as determined by the use-based classification, are consumer durables, infrastructure/construction goods, and primary goods.

Quick Estimates

The ministry stated that weighted response rates of 92 per cent, 96 per cent, and 96 per cent for the Quick Estimates for April 2024, the First Revision for March 2024, and the Final Revision for January 2024, have been assembled.

As of April 2024, the Mining, Manufacturing, and Electricity sectors' respective Indices of Industrial Production are 130.8, 144.2, and 212.0. The three sectors of mining, manufacturing, and electricity saw growth rates of 6.7 per cent, 3.9 per cent, and 10.2 per cent, respectively, in April 2024 compared to April 2023.

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