The Index of Industrial Production (IIP) growth rate for the month of August 2024 is (-) 0.1% which was 4.7% in July 2024.
Notably, the IIP growth rate contracted for the first time annually since October 2022.
According to the data released by the Ministry of Statistics & Programme Implementation (MoSPI), the Quick Estimates of IIP stands at 145.6 against 145.8 in August 2023.
The growth rates of the three sectors: Mining, Manufacturing, and Electricity for the month of August 2024 are (-) 4.3%, 1%, and (-)3.7%, respectively. It is likely that the decline in the growth of the mining sector is due to heavy rainfall in the month of August 2024.
The indices of industrial production for the mining, manufacturing, and electricity sectors for August 2024 stand at 107.1, 145.9, and 212.3, respectively.
According to the MoSPI data, within the manufacturing sector, the top three positive contributors for the month of August 2024 are the manufacture of basic metals (3%), Manufacture of electrical equipment (17.7%), and Manufacture of chemicals and chemical products (2.7%).
The corresponding growth rates of IIP as per Use-based classification in August 2024 over August 2023 are (-)2.6% in Primary goods, 0.7% in Capital goods, 3% in Intermediate goods, 1.9% in Infrastructure/ Construction Goods, 5.2% in Consumer durables and (-) 4.5% in Consumer non-durables.