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India’s industrial production slows slightly in March 2024 to 4.9%
Photo courtesy: Yanapi Senaud /Unsplash

India’s industrial production slows slightly in March 2024 to 4.9%

| @indiablooms | 10 May 2024, 11:48 pm

New Delhi: India’s industrial production growth in March slowed slightly, reaching 4.9 percent month-on-month, according to official data.

This drop occurred as a result of underperformance in the mining sector.

February 2024 had seen a higher growth rate of 5.6 percent, while March 2023 recorded a growth of 1.9 percent.

Overall, for the fiscal year 2023-24, the Index of Industrial Production (IIP) showed a growth of 5.8 percent, surpassing the previous financial year's 5.2 percent, as per data released by the Ministry of Statistics & Programme Implementation.

Mining output growth decelerated to 1.2 percent in March compared to the same month last year, which had seen a growth of 6.8 percent.

Conversely, the manufacturing sector exhibited growth, reaching 5.2 percent in March, up from 1.5 percent in the previous year.

Power generation also witnessed an increase of 8.6 percent in March compared to a contraction of 1.6 percent in the previous year.

Examining specific segments, capital goods' growth decreased to 6.1 percent in March 2024 from 10 percent a year ago.

Consumer durables output expanded by 9.5 percent in March, contrasting with an 8 percent contraction in March 2023.

Consumer non-durable goods production increased by 4.9 percent, compared to a 1.9 percent contraction in the previous year.

Infrastructure/construction goods reported a growth of 6.9 percent in March 2024, slightly lower than the 7.2 percent expansion in the same period the previous year.

Primary goods' growth logged in at 2.5 percent in March 2024, down from 3.3 percent a year earlier.

Meanwhile, intermediate goods witnessed a growth of 5.1 percent in the month under review, higher than the 1.8 percent recorded in the same period the previous year.

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