IANS | 13 Jul, 2024
India's Index of Industrial Production (IIP) rose by 5.9 per cent in May
this year, compared to the same month last year, and accelerating from 5 per
cent in April, data released by the Ministry of Statistics on Friday showed.
The growth rates of the mining, manufacturing, and electricity sectors
of the index stood at 6.6 per cent, 4.6 per cent and 13.7 per cent,
respectively, in May 2024 compared to the same month last year.
Within the manufacturing sector, the growth rate of the top three
positive contributors to the growth of IIP for the month of May 2024 is
"Manufacture of basic metals" (7.8 per cent), “Manufacture of
pharmaceuticals, medicinal chemical and botanical products” (7.5 per cent), and
"Manufacture of electrical equipment" (14.7 per cent), according to
the official figures.
Data on use-based classification shows that the output of consumer
durables such as refrigerators, washing machines and TVs surged by 12.3 per
cent which is a positive sign of demand for these goods picking up in a growing
economy.
However, the production of capital goods, which comprise machines that
produce goods and thus, reflect the real investment taking place in the
economy, grew at 2.5 per cent.
The output of non-durable consumer goods such as soaps and cosmetics
grew by 2.3 per cent.
Goods related to infrastructure and construction saw a marginal growth
of 6.9 per cent in May 2024.
The factory output growth measured in terms of the IIP had grown by 5.7
per cent in May 2023.
--IANS