India’s industrial growth slowed to 4.9% in March from 5.7% in February, said the government data on Friday.
The Ministry of Statistics and Programme Implementation (MoSPI) said for FY24, India’s Index of Industrial Production (IIP) stood at 5.8% against 5.2% in the previous year.
In March 2023, India’s industrial output had grown by 1.9%.
The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2024 over March 2023 are 1.2%, 5.2% and 8.6% respectively.
Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).
The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8%.
The cumulative growth rates of the three sectors, Mining, Manufacturing and Electricity for the period of April-March 2023-24 over the corresponding period of the previous year are 7.5%, 5.5% and 7.1% respectively.
As per the MoSPI data, the corresponding growth rates of IIP as per Use-based classification in March 2024 over March 2023 are 2.5% in Primary goods, 6.1% in Capital goods, 5.1% in Intermediate goods, 6.9% in Infrastructure/Construction Goods, 9.5% in Consumer durables and 4.9% in Consumer non-durables.