Thursday, December 12, 2024

Indian economy picks up pace, IIP increases by 3.1% due to better performance of manufacturing sector – Global News Desk

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manufacturing sector Due to better performance of IIP, the country's Industrial Production (IIP) increased by 3.1 percent in September. Industrial production has increased due to improvements in mining, manufacturing and power generation. This information has been received from the official data released on Tuesday. The growth rate of industrial production in September 2023 was 6.4 percent. However, there was a decline of 0.1 percent in industrial production in August this year, mainly due to the impact of mining operations due to floods in various parts of the country. According to data released by the National Statistical Office (NSO), mining sector production increased by 0.2 percent, manufacturing output by 3.9 percent and electricity generation by 0.5 percent in September 2024. In August, mining sector production declined by 4.3 percent and electricity production by 3.7 percent, while the growth rate of manufacturing sector was also only 1.1 percent.

Industrial production declined in August

According to the NSO statement, the IIP growth rate for September, 2024 has been 3.1 percent, while the industrial production in August, 2024 had declined by 0.1 percent.'' Industrial production during the first half (April-September) of the current financial year 2024-25 The growth rate of production has been four percent. There was an increase of 6.2 percent in the same period of the last financial year. According to the use-based classification released by NSO, the growth of the capital goods segment slowed to 2.8 per cent in September 2024 from 8.4 per cent in the same month a year ago. The production of consumer non-durable goods has increased by two percent in the month of September this year as compared to 2.7 percent in September 2023. At the same time, the production of consumer durables increased by 6.5 percent in the month under review, which increased by one percent in September, 2023.

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benefited from festive demand

According to the data, output of infrastructure/construction goods registered a growth of 3.3 per cent in September, 2024, much lower than the figure of 10.1 per cent in the same period a year ago. The production of primary goods increased by 1.8 percent, while in September 2023 it had increased by eight percent. Production in the intermediate goods segment increased by 4.2 percent. Aditi Nair, chief economist of rating agency ICRA, said on these figures that industrial production increased by 3.1 percent on an annual basis in September after a decline of 0.1 percent in August 2024 amid a favorable base. Nair said, “Striking a balance between the positive impact of early start of festivals and the adverse base (+11.9 per cent in October, 2023), ICRA estimates the growth rate of industrial production in October, 2024 to be three to three per cent YoY.” It will remain four percent.



Image Credit: India_Tv.

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