India’s Index of Industrial Production (IIP) for May 2024 saw a slight increase, standing at 5.9 percent compared to 5.7 percent for the same period in 2023. The data was released by the Ministry of Statistics and Programme Implementation, showcasing steady growth in the industrial sector. The quick estimates of IIP for May 2024, based on 2011-12 standards, stood at 154.2, up from 145.6 in May 2023.
Breaking down the IIP figures by sector, the indices for Mining, Manufacturing, and Electricity stood at 136.5, 149.7, and 229.3 respectively in May 2024. Additionally, based on Use-based classification, the indices were 160.9 for Primary Goods, 105.2 for Capital Goods, 160.8 for Intermediate Goods, and 185.1 for Infrastructure/Construction Goods. Consumer durables and Consumer non-durables had indices of 129.8 and 153.3 for May 2024.
The growth rate for IIP in May 2024 compared to the same period in the previous year was 5.9 percent. The rates for May 2023 were 5.7 percent, showing a slight improvement in the industrial landscape. The growth rates for the Mining, Manufacturing, and Electricity sectors for May 2024 over May 2023 were 6.6 percent, 4.6 percent, and 13.7 percent respectively, indicating growth and development.
When looking at the manufacturing sector specifically, the top three positive contributors to the growth of IIP in May 2024 were “Manufacture of basic metals” at 7.8 percent, “Manufacture of pharmaceuticals, medicinal chemical and botanical products” at 7.5 percent, and “Manufacture of electrical equipment” at 14.7 percent. These sectors played a crucial role in driving the overall growth of the industrial production index.
Looking ahead, the Index for June 2024 is set to be released on Monday, August 12, 2024, providing further insights into the state of industrial production in India. The consistent growth in the IIP for May 2024 showcases a positive trajectory for the industrial sector, highlighting potential opportunities for businesses and stakeholders in the coming months. Overall, the data released by the Ministry of Statistics and Programme Implementation indicates stability and steady progress in India’s industrial landscape.
