India's Industrial production grows by 5% in April 2024, meets forecast
India's Industrial Production Growth | The factory output growth measured in terms of the Index of Industrial Production (IIP) was at 4.9% in March 2024. In April last year, IIP growth stood at 4.2%.
India's industrial production grew by 5% in April 2024, according to the Ministry of Statistics & Programme Implementation (MoSPI), on Wednesday (June 12).
Factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.4% in March and 5.6% in February 2024. For the fiscal 2023-24, IIP growth was 5.9% against 5.2% in the preceding financial year.
According to the CNBC-TV18 Poll of Economists, the forecast IIP was estimated at 5%. Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.
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As per the latest data, the mining output growth accelerated to 6.7% in April against a 5.1% expansion in the year-ago month. The manufacturing sector's growth decelerated to 3.9% in April compared to 5.5% a year ago.
The power generation increased by 10.2% in April against a contraction of 1.1% in the same month of the last year. As per use-based classification, the capital goods segment growth fell to 3.1% in April 2024 from 4.4% in the year-ago period.
In April this year, consumer durables output expanded 9.8%. It had contracted by 2.3% in April 2023. Consumer non-durable goods production contracted by 2.4% during the reporting month as against a growth of 11.4% in April 2023. According to the data, infrastructure/construction goods reported a growth of 8% in April 2024 against a 13.4% expansion in the year-ago period.
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The data also showed that the output of primary goods logged a 7% growth in April this year, up from 1.9% a year earlier. The expansion in the intermediate goods segment was 3.2% in the month under review, higher than the 1.7% recorded in the same period a year ago.
Factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.4% in March and 5.6% in February 2024. For the fiscal 2023-24, IIP growth was 5.9% against 5.2% in the preceding financial year.
According to the CNBC-TV18 Poll of Economists, the forecast IIP was estimated at 5%. Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.
Also Read: Don't foresee any major reversal in policy for next 2-3 years: Chetan Ahya
As per the latest data, the mining output growth accelerated to 6.7% in April against a 5.1% expansion in the year-ago month. The manufacturing sector's growth decelerated to 3.9% in April compared to 5.5% a year ago.
The power generation increased by 10.2% in April against a contraction of 1.1% in the same month of the last year. As per use-based classification, the capital goods segment growth fell to 3.1% in April 2024 from 4.4% in the year-ago period.
In April this year, consumer durables output expanded 9.8%. It had contracted by 2.3% in April 2023. Consumer non-durable goods production contracted by 2.4% during the reporting month as against a growth of 11.4% in April 2023. According to the data, infrastructure/construction goods reported a growth of 8% in April 2024 against a 13.4% expansion in the year-ago period.
Also Read: Major oil surplus seen this decade as demand hits peak, IEA says
The data also showed that the output of primary goods logged a 7% growth in April this year, up from 1.9% a year earlier. The expansion in the intermediate goods segment was 3.2% in the month under review, higher than the 1.7% recorded in the same period a year ago.
(Edited by : Swapnil Deshpande)
First Published: Jun 12, 2024 5:41 PM IST
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