India’s industrial output, as measured by the Index of Industrial Production (IIP), experienced a 5.2% increase in November 2024, data released by the Ministry of Statistics and Programme Implementation (MoSPI) stated. This marks a significant improvement from the previous month’s growth rate of 3.5%. The three key sectors – Mining, Manufacturing, and Electricity – also saw growth rates of 1.9%, 5.8%, and 4.4% respectively during the same period.
Key Highlights:
The Index of Industrial Production (IIP) growth rate for November 2024 is 5.2 percent, up from 3.5 percent (Quick Estimate) in October 2024.
i. In November 2024, the growth rates for the Mining, Manufacturing, and Electricity sectors were 1.9 percent, 5.8 percent, and 4.4 percent, respectively.
ii. The Quick Estimate of IIP is 148.4, compared to 141.1 in November 2023. The Industrial Production Indices for the Mining, Manufacturing, and Electricity sectors in November 2024 are 133.8, 147.4, and 184.1, respectively.
iii. Within the manufacturing sector, 18 out of 23 industry groups at the NIC 2-digit level have shown positive growth in November 2024 compared to November 2023. The top three contributors in November 2024 are “Manufacture of basic metals” (7.6%), “Manufacture of electrical equipment” (37.2%), and “Manufacture of other non-metallic mineral products” (12.0%).