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India's Feb Industrial Production grows by 5.7%, best performance in 4 months
Representational image (Courtesy: Unsplash)

India's Feb Industrial Production grows by 5.7%, best performance in 4 months

| @indiablooms | 12 Apr 2024, 11:10 pm

New Delhi: India's Index of Industrial Production (IIP)  increased by 5.7 percent in February, compared to 3.8 percent in January, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.

In December 2023, the IIP stood at 4.2 percent.

In February 2023, the factory output, measured by the Index of Industrial Production (IIP), grew by 6 percent.

The highest recorded IIP was 11.9 percent in October 2023, which plummeted to 2.5 percent in November, followed by 4.2 percent in December and 4.1 percent in January 2024.

Compared to a 6.9 percent rise in January, power generation witnessed a year-on-year growth of 7.5 percent.

Mining production saw an 8 percent uptick in February this year, while power output grew by 7.5 percent.

Data from the National Statistical Office (NSO) revealed that the manufacturing sector's output expanded by 5 percent in February 2024, a slight decrease from 5.9 percent in the same month last year.

According to the use-base classification, the growth in the capital goods segment declined to 1.2 percent in February 2024, compared to 11 percent in the corresponding period last year.

In February of this year, there was a notable growth of 12.3 percent in consumer durables output, marking a significant turnaround from the 4.1 percent contraction observed in February 2023.

However, consumer non-durable goods output experienced a decline of 3.8 percent during the same month, contrasting with a robust expansion of 12.5 percent in February 2023.

Infrastructure/construction goods witnessed an 8.5 percent growth in February 2024, slightly lower than the 9 percent expansion seen in the corresponding period last year.

Primary goods output showed a growth of 5.9 percent in February this year, a decrease from the 7 percent growth observed a year ago.

The intermediate goods segment saw a substantial expansion of 9.5 percent in the reviewed month, a considerable increase from the 1 percent recorded during the same period last year.

Overall, the Index of Industrial Production (IIP) grew by 5.9 percent during the period from April 2023 to February 2024, compared to a 5.6 percent expansion in the corresponding period of the previous year.

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