India's Industrial Production Hits 3-Month Low in April 2024

India's industrial production growth dropped to 5% in April 2024, the lowest in three months, chiefly due to weak manufacturing performance. However, mining and power sectors showed robust growth. Overall, the fiscal year's growth stood at 5.9%, up from 5.2% in the preceding year.

India's industrial production growth declined to a three-month low of 5 per cent in April 2024, mainly due to the underperformance of the manufacturing sector, although mining and power segments fared well, according to official data released on Wednesday.

Factory output growth, measured through the Index of Industrial Production (IIP), was 5.4 per cent in March and 5.6 per cent in February 2024. The previous low was 4.2 per cent in January 2024.

For the fiscal year 2023-24, IIP growth registered at 5.9 per cent, an improvement from 5.2 per cent in the previous financial year. April 2023 saw a growth of 4.6 per cent, as stated by the Ministry of Statistics & Programme Implementation.

Examining the latest data, mining output growth surged to 6.7 per cent in April, up from 5.1 per cent in April 2023. In contrast, the manufacturing sector's growth decelerated to 3.9 per cent from 5.5 per cent a year ago.

Power generation increased by a significant 10.2 per cent in April, reversing a contraction of 1.1 per cent during the same month last year. The capital goods segment grew by 3.1 per cent in April 2024, down from 4.4 per cent in the same period the previous year.

Consumer durables' output expanded 9.8 per cent, rebounding from a contraction of 2.3 per cent in April 2023, while consumer non-durable goods production saw a decline of 2.4 per cent, compared to a growth of 11.4 per cent previously.

Infrastructure and construction goods recorded an 8 per cent growth in April 2024, a drop from 13.4 per cent in the year-ago period. Primary goods output grew by 7 per cent in April this year, significantly higher than the 1.9 per cent a year earlier, and intermediate goods segment growth was 3.2 per cent, up from 1.7 per cent in the same month of the previous year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)