India's industrial output's year-on-year growth increases to 5% in April 2024

The top three contributors to India's industrial output growth are primary goods, construction goods, and consumer durables.

The Index of Industrial Production (IIP) grew by 5% for April 2024, compared to 4.6% growth during the same month of the previous year.

IIP tracks activity in manufacturing, mining, and electricity generation

IIP shows the performance of the industrial sector.

The IIP figure for April 2024 stood at 147.7 compared to 140.7 in the same month last year, according to data released by the Ministry of Statistics and Programme Implementation.

Mining growth increased from 5.1% last year’s April to 6.1% this year and electricity growth increased from a negative growth of -1.1 to 10.2% this year. Manufacturing growth dropped from 5.5% to 3.9%.

The top three contributors to the IIP growth are primary goods (7%), infrastructure/construction goods (8%) and consumer durables (9.8%).

However, the growth rate when compared sequentially is at a 3-month low, as it was 5.6% in February, and 5.4% in March 2024.