India's industrial production grows at a slow 2.4% in November

Industrial production in India, based on the Index of Industrial Production (IIP) grew at a slow pace of 2.4 per cent in November 2023 against the 16-montyh-high 11.6 per cent growth recorded in the previous month, quick estimates released by the National Statistics Office (NSO) showed.

At 2.4 per cent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is the lowest in eight months, and is below economists' expectations of 3.5 per cent.

India's industrial production had grown by 7.6 per cent in November 2022.

For the April-November 2023 period, India’s industrial production grew at 6.4 per cent against the 5.6 per cent growth in the first eight months of the previous fiscal.

During November 2023, production in the mining sector grew 6.8 per cent year-on-year against the 9.7 per cent growth recorded in November 2022.

Manufacturing sector output grew 1.2 per cent in November 2023 against the 6.7 per cent growth in November 2022.

Electricity generation increased 5.8 per cent in November 2023, against the 12.7 per cent growth recorded in November 2022.

The capital goods segment contracted 1.1 per cent in November 2023 against the 20.7 per cent growth in the year-ago month.

Production of consumer durables declined by 5.4 per cent in November 2023 against the 5 per cent growth a year ago.

Production of consumer non-durables contracted by 3.6 per cent compared to a 10 per cent growth a year earlier.

Production in the infrastructure/construction goods sector reported a marginal 1.5 per cent growth in November 2023 against a 14.3 per cent expansion in the year-ago month.

Production of primary goods increased by 8.4 per cent in November 2023 against the 4.8 per cent growth in the year-ago period.

Production of intermediate goods remained flat with a growth rate of 3.5 per cent in November 2023