Industrial output growth decline to 4.9% in March; rose 5.8% in FY24

NEW DELHI: Industrial production growth measured in terms of the Index of Industrial Production (IIP) declined to 4.9% in March 2024 against 5.6% in February, as per the data released by the Ministry of Statistics & Programme Implementation. However, it increased by 3% year-on-year from 1.9% in March 2023.
Weak perfomance of the mining sector, which plunged to 1.2% in March 2024 from 6.8% in the same month of the previous year is said to be the primary reason behind the drop in IIP.
Meanwhile, for the FY2023-24, the IIP growth increased marginally to 5.8% from the 5.2% recorded in the previous financial year.
Additionally, the manufacturing sector's growth increased to 5.2% in March, up from 1.5% a year ago. The power generation sector rose to 8.6% in March from the 1.6% in the same month of the last year.
The capital goods segment growth fell to 6.1% in March 2024 from 10% in the year-ago period, based on the use-base classification.
Consumer durables output expanded by 9.5% in March this year from 8% in March 2023 whereas Consumer non-durable goods production increased by 4.9% compared to 1.9% in March 2023.
Further, the infrastructure/construction goods sector reported a growth of 6.9% in March 2024, slightly lower than the 7.2% expansion in the year-ago period.
Primary goods output fell to 2.5% from 3.3% while the intermediate goods segment rose to 5.1% March from 1.8% recorded in the same period a year ago.