New Delhi, NFAPost: India’s Index of Industrial Production (IIP) recorded a 5% year-on-year growth during April this year compared to the corresponding figure of 4.6% in April 2023, according to the latest data released by the Ministry of Statistics on Wednesday.
The growth rates of the Mining, Manufacturing and Electricity sectors in April 2024 are 6.7%, 3.9% and 10.2% respectively over the same month last year.
Within the manufacturing sector, the growth rates of the top three positive contributors to the growth of IIP for 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%), the figures showed.
Data on use-based classification shows that the output of consumer durables such as refrigerators, washing machines and TVs grew by 9.8% which appears to be a positive sign of demand for these goods picking up in a growing economy.
The output of construction goods also grew by a robust 8% indicating the investments being made in the infrastructure structure.
The production of capital goods, which comprise machines that produce goods and thus reflect the real investment taking place in the economy, grew at 3.1%.
Agencies
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