India’s industrial production declines 0.01% in August

Industrial production in India, based on the Index of Industrial Production (IIP), registered a negative growth of (-) 0.1 per cent in August 2024, against a 4.7 per cent growth recorded in July this year, quick estimates released by the National Statistical Office (NSO) showed.

The 0.01 per cent decline in the IIP was due to negative growth in sectors like mining and electricity generation and a nominal 1 per cent increase in manufacturing output.

Mining sector registered a 4.3 per cent decline in production in August 2024, while manufacturing output grew 1 per cent and electricity generation declined by 3.7 per cent during the month.

The decline in mining sector output growth may be attributed to heavy rainfall in several parts of the country in August 2024.

Within the manufacturing sector, basic metals production grew 3 per cent in August 2024 while electrical equipment production grew 17.7 per cent and production of chemicals and chemical products grew 2.7 per cent.

Primary goods production declined by 2.6 per cent in August 2024, while capital goods production increased by 0.7 per cent, intermediate goods production by 3 per cent, and infrastructure/ construction goods production by 1.9 per cent during the month.

Consumer durables production increased by 5.2 per cent in August 2024 while production of consumer non-durables declined by 4.5 per cent during the month.

The NSO also carried out the first revision of the IIP for July 2024 and also the final revision for May 2024, based on revised data.