India's Industrial Production Falters: April 2024 Sees 3-Month Low

India's industrial production growth fell to a 3-month low of 5% in April 2024, driven by a slowdown in the manufacturing sector. However, mining and power sectors exhibited robust performance. The overall growth for the fiscal year 2023-24 stood at 5.9%, according to official data released on Wednesday.

India's industrial production growth has hit a three-month low, registering a mere 5% increase in April 2024. Official data released on Wednesday attributed this slump primarily to the lackluster performance of the manufacturing sector, although mining and power sectors showed resilience.

The Index of Industrial Production (IIP), a measure of factory output, recorded a growth of 5.4% in March and 5.6% in February 2024, down from January's low of 4.2%.

Over the fiscal year 2023-24, IIP growth reached 5.9%, up from 5.2% in the previous financial year. The mining output surged by 6.7% in April, up from 5.1% the previous year, while power generation saw a significant rise of 10.2% following a 1.1% contraction in April 2023.

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