India's Industrial Surge: Power and Mining Sectors Drive Growth in May 2024

India's industrial production reached a seven-month high of 5.9% in May 2024, driven primarily by strong performances in the power and mining sectors. The previous month saw a growth of 5%, with varying growth rates observed in earlier months. The Index of Industrial Production (IIP) highlighted sector-specific growth trends for the fiscal year.

India's industrial production soared to a seven-month high of 5.9 percent in May 2024, according to official data released on Friday. The surge was largely fueled by robust performances in the power and mining sectors.

Measured by the Index of Industrial Production (IIP), factory output showed a steady growth trend: 5 percent in April, 5.4 percent in March, 5.6 percent in February, and 4.2 percent in January 2024. The IIP growth rate in the prior months ranged from 11.9 percent in October 2023 to 2.5 percent in November 2023.

Mining output growth accelerated to 6.6 percent in May 2024, while power generation impressively increased by 13.7 percent. However, manufacturing sector growth decelerated to 4.6 percent from 6.3 percent a year ago. Various segments such as consumer durables and infrastructure goods showed mixed results, reflecting a nuanced industrial landscape.

(With inputs from agencies.)