Industrial growth declines to 4.9%

New Delhi, May 10

India’s industrial production growth slowed marginally to 4.9 per cent month-on-month in March 2024, mainly due to poor show by the mining sector, according to official data released on Friday.

The factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.6 per cent in February 2024. However, it was 1.9 per cent in March 2023. For the fiscal 2023-24, IIP growth touched 5.8 per cent against 5.2 per cent in the preceding financial year.

India’s IIP grew by 4.9 per cent in March 2024, according to a statement by the Ministry of Statistics & Programme Implementation. As per the latest data, the mining output growth decelerated to 1.2 per cent in March against a 6.8 per cent expansion in the year-ago month.

The manufacturing sector’s growth accelerated to 5.2 per cent in March compared to 1.5 per cent a year ago. The power generation increased by 8.6 per cent in March against a contraction of 1.6 per cent in the same month of the last year.

As per use-base classification, the capital goods segment growth fell to 6.1 per cent in March 2024 from 10 per cent in the year-ago period.