India’s industrial production growth hits 6-month high at 5.2% in November

India’s industrial production, as measured by the Index of Industrial Production (IIP), grew by 5.2% in November 2024, the Ministry of Statistics & Programme Implementation (MoSPI) said on Friday (January 10).

This is a significant improvement compared to the 2.5% growth recorded in November 2023. According to the CNBC-TV18 poll of economists, the forecast IIP was estimated at 4.12%. The growth also outpaced the 3.7% rise reported in October 2024.

The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew 5.8% in November 2024, up from 1.3% in the year-ago month. Mining production rose by 1.9% and power output increased by 4.4% in November 2024.

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The mining sector grew by 1.9% in November, compared to 0.9% in the previous month, while the manufacturing sector expanded by 5.8% against 4.4% in October. Electricity output rose by 4.4%, higher than the 2% growth reported in the prior month.

Among use-based categories, primary goods posted a 2.7% growth, marginally up from 2.5% in October. Capital goods growth surged to 9%, compared to 3.1% in the previous month, and infrastructure goods recorded a 10% increase, up from 4.8%.

Consumer durables rose sharply by 13.1%, against 5.7% in October, while consumer non-durables posted a subdued growth of 0.6%, down from 2.6%. Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country’s business landscape.

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