Industrial production fell in January 2024, IIP at 3.8 percent

IIP Growth Rate: Industrial production growth slowed in January 2024 due to poor performance in the manufacturing, mining and power sectors. The IIP growth rate in January 2024 has come down to 3.8 percent, while the IIP growth rate in January 2023 was 5.8 percent. A month ago, the IIP growth rate in December 2023 was 4.2 percent.

The Ministry of Statistics and Program Implementation has released the industrial production rate, according to which the output of the manufacturing sector grew by 3.2 percent in January 2024, as against 4.5 percent in the same month a year ago. The growth rate of electricity production was 5.6% in January which was 12.7% in January 2023. The growth rate of mining activity was 5.9 percent, which was up from 9 percent in the same period last year.

Industrial production grew at a rate of 5.9 percent in the first 10 months of FY 2023-24, as against 5.5 percent during the same period in 2022-23. Consumer durables output rose 10.9 percent in January, up from 8.2 percent in the same period last year.

Vivek Rathi, national director of research, Knight Frank India, said manufacturing output has slowed slightly. He said that it is very important for the manufacturing sector to remain strong for strong and stable economic development. He said that despite the decline in manufacturing growth, the increase in capital goods growth is indicating a positive growth in domestic investment, which is giving momentum to the economy.

CareAge Ratings Chief Economist Rajini Sinha said consumer durables production was 10.9 percent in January from 5.3 percent in December. He said that the negative growth of consumer non-durable goods is pointing to weakness in consumption. He said that while retail inflation is easing, it will be interesting to see how consumption improves in the coming quarter.

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