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India’s Industrial Production Growth Slows to 4.9% In March 2024: India’s industrial production growth rate witnessed a slight dip to 4.9% in March 2024 from 5.7% in February, according to data released by the Ministry of Statistics and Programme Implementation. Despite this decline, the Index of Industrial Production (IIP) for the fiscal year 2023-24 registered a modest increase, reaching 5.8%.
Manufacturing Sector Performance
Overall Growth: The manufacturing sector, a cornerstone of India’s industrial landscape, exhibited India’s industrial production growth rate of 5.2% in March 2024, marginally higher than the 5% recorded in February. Noteworthy contributors to this growth included the manufacturing of basic metals (7.7%), pharmaceuticals and medicinal products (16.7%), and other transport equipment (25.4%).
Sub-Sector Analysis: Specific segments within the manufacturing sector showcased notable growth. “Manufacture of basic metals,” “Manufacture of pharmaceuticals, medicinal chemical, and botanical products” and “Manufacture of other transport equipment” emerged as the top three positive contributors to IIP growth in March 2024.
Mining and Power Sector Trends
Mining Production: In March 2024, mining production witnessed a modest increase of 1.2%, contributing to the overall industrial activity.
Power Output: The power sector demonstrated a significant surge, recording an 8.6% growth in output. Both mining and power sectors play vital roles in India’s industrial ecosystem, driving economic activity and growth.
Trend Analysis
Fluctuating Trajectory: Recent months have seen fluctuations in the industrial production trajectory. Following a peak of 11.9% in October 2023, growth rates experienced a decline, reaching 2.5% in November. Subsequent months witnessed modest growth rates, with December and January 2024 recording rates of 4.2% and 4.1%, respectively.
Conclusion
India’s industrial production landscape reflects a nuanced pattern of growth and fluctuations. While March 2024 witnessed a slight slowdown in growth, the overall performance for the fiscal year 2023-24 remained positive, with the Index of Industrial Production registering a modest increase of 5.8%. Key sectors like manufacturing, mining, and power continue to drive economic activity, contributing to India’s industrial resilience and growth trajectory.
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