The Index of Industrial Production (IIP) recorded a growth rate of 3.5 percent in October 2024, compared to 3.1 percent in September 2024. For October 2024, the growth rates in the Mining, Manufacturing, and Electricity sectors were 0.9 percent, 4.1 percent, and 2.0 percent respectively. The Quick Estimates of IIP stood at 149.9, higher than the 144.9 recorded in October 2023. The sectoral indices for Mining, Manufacturing, and Electricity in October 2024 were 128.5, 147.9, and 207.8, respectively.
In the Manufacturing sector, 18 out of 23 industry groups showed positive growth compared to October 2023. Leading contributors to growth in October 2024 included Manufacture of basic metals (3.5 percent), Manufacture of electrical equipment (33.1 percent), and Manufacture of coke and refined petroleum products (5.6 percent).
In the Manufacture of basic metals category, item groups such as Pipes and tubes of steel, Galvanized products of steel (including color-coated tin plates, TMBP, and tin-free steel), and Bars and rods of mild steel played significant roles in growth. For the Manufacture of electrical equipment, items like Electric heaters, Transformers (small), and End-facing connectors for optical fibres and cables were notable contributors. In the Manufacture of coke and refined petroleum products group, items like Petrol/motor spirit, Aviation Turbine Fuel (ATF), and Liquefied Petroleum Gas (LPG) contributed significantly.
Based on use-based classification, the indices for October 2024 were 149.9 for Primary Goods, 109.4 for Capital Goods, 163.4 for Intermediate Goods, and 183.0 for Infrastructure/Construction Goods. Consumer Durables and Consumer Non-durables indices were recorded at 130.2 and 146.3, respectively.
The year-on-year growth rates in October 2024, based on use-based classification, were 2.6 percent for Primary Goods, 3.1 percent for Capital Goods, 3.7 percent for Intermediate Goods, 4.0 percent for Infrastructure/Construction Goods, 5.9 percent for Consumer Durables, and 2.7 percent for Consumer Non-durables. The top contributors to IIP growth under this classification were Primary Goods, Intermediate Goods, and Consumer Durables.
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