The Index of Industrial Production (IIP) in India slowed to 5 per cent in April, a three month low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.
The IIP growth rate was recorded at 4.6 per cent in April 2023, the government said in a press release.
The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.
As per the data, the growth rates of the three sectors in April 2024, Mining, Manufacturing and Electricity stood ate 6.7 percent, 3.9 percent and 10.2 percent year-on-year respectively.
“Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of April 2024 are – “Manufacture of basic metals” (8.1%), “Manufacture of coke and refined petroleum products” (4.9%), and “Manufacture of motor vehicles, trailers and semi-trailers” (11.4%),” MoSPI said.
According to use-based classification, the capital goods segment grew by 3.1 per cent in April, but it expanded by 4.4 per cent in the same month of last year.
The output of consumer durables grew by 9.8 per cent during April compared to a decline of 2.3 per cent in 2023.
The output of non-durable consumer goods decreased by 2.4 per cent after rising by 11.4 per cent in April 2023.
Goods related to infrastructure and construction saw a marginal growth of 8.0 per cent in April 2024, against a 13.4 per cent expansion YoY.
The data also revealed that, in comparison to the same period last year, the output of primary goods increased by 7 per cent in April 2024 as against 1.9 per cent.
The core sector makes up 40.27% of the Index of Industrial Production (IIP), making it a lead indicator of industrial activity.
