India’s industrial production grew at a slower pace of 4.9% in March

Industrial production in India slowed marginally to 4.9 per cent in March 2024 this year as compared to 5.7 per cent in February this year, mainly due to a decline in mining sector production, quick estimates of industrial production released by the ministry of statistics and programme implementation on Friday showed.

Production in the manufacturing sector increased by 5.2 per cent year-on-year while electricity generation expanded by 8.6 per cent and mining sector output by 1.2 per cent.

Manufacturing output was boosted by a 7.7 per cent increase in the production of basic metals, a 16.7 per cent increase in the manufacture of pharmaceuticals, medicinal chemicals and botanical products and a 25.4 per cent jump in the production of other transport equipment.

The cumulative growth rate of industrial production for April-March 2023-24 stood at 5.8 per cent. 

The three sectors recorded cumulative growth rates of 7.5 per cent, 5.5 per cent and 7.1 per cent, respectively for the April-March 2023-24 period. 

Production of primary goods increased by 2.5 per cent year-on-year in March 2024, while capital goods production increased by 6.1 per cent, intermediate goods production by 5.1 per cent, infrastructure / construction sector production by 9.5 per cent, consumer durables production by 9.5 per cent and consumer durables production by 4.9 per cent.