Bharat’s Industrial Output Surges 5% in April 2024, Boosted by Robust Mining and Power Sectors

Bharat’s Index of Industrial Production (IIP) showed a healthy growth of 5% in April 2024, an improvement from the 4.6% growth recorded in April 2023. This data was released by the Ministry of Statistics and Programme Implementation.

In April 2024, the overall IIP stood at 147.7, up from 140.7 in the same month last year. Breaking it down by sectors, mining showed a significant growth with its index at 130.8, a rise of 6.7%. The manufacturing sector’s index was 144.2, marking a growth of 3.9%, while the electricity sector saw the highest growth rate among the three, with its index at 212.0, an increase of 10.2%.

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Within the manufacturing sector, the top three contributors to the IIP growth were ‘Manufacture of basic metals’, which grew by 8.1%, ‘Manufacture of coke and refined petroleum products’ with a growth rate of 4.9%, and ‘Manufacture of motor vehicles, trailers and semi-trailers’, which saw an impressive growth of 11.4%.

The data also highlighted that the manufacturing, mining, and electricity sectors experienced growth thanks to contributions from different segments, including metals, pharmaceuticals, and other transport equipment.

The indices for use-based categories also demonstrated significant growth. Primary goods grew by 7.0%, infrastructure/construction goods by 8.0%, and consumer durables saw a notable increase of 9.8%.

For a broader perspective, the IIP for March 2024 showed robust growth, expanding by 5.7%, which was a substantial increase compared to the 3.8% growth in January 2024.

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The overall picture painted by the data is positive. The moderation in retail inflation, especially in food prices, along with strong industrial growth, indicates a resilient economy. This is particularly noteworthy given the ongoing global uncertainties.

The combination of lower inflation and solid industrial output suggests that the Bharatiya economy is in a strong position to weather external challenges and continue its growth trajectory.