India's Industrial Output Surges To Three-Month High Of 3.5 Per Cent In October, Led By Manufacturing And Mining

India’s industrial output, as measured by the Index of Industrial Production (IIP), registered a growth of 3.5 per cent in October 2024, marking an increase from 3.1 per cent in September. This represents the highest growth in three months, according to official data released on 12 December.

The rise was supported by a 4.1 per cent year-on-year growth in manufacturing, a 2 per cent increase in electricity generation, and a 0.9 per cent uptick in mining activity. These sectors had seen stronger growth in the same month the previous year, with manufacturing, electricity, and mining recording jumps of 10.6 per cent, 20.4 per cent, and 13.1 per cent, respectively.

Over the April-October period, industrial output grew by 4 per cent, compared to a revised 7 per cent from the previous year, highlighting a slowdown in the second half of the fiscal year.

The mining, manufacturing, and electricity sectors were pivotal in sustaining the overall growth, with their respective indices for October 2024 standing at 128.5, 147.9, and 207.8.

Notably, the electrical equipment and petroleum product manufacturing sectors demonstrated notable growth, spurred by specific products. Items such as electric heaters, small transformers, and optical fiber connectors boosted the electrical equipment segment, while petrol, aviation fuel, and liquefied petroleum gas played a key role in the rise of refined petroleum products.

The IIP data for October also highlighted strong performance in various sub-sectors. Infrastructure/Construction goods grew by 4.0 per cent, Intermediate goods saw a 3.7 per cent rise, and Consumer durables registered a 5.9 per cent growth. Capital goods and Primary goods rose by 3.1 per cent and 2.6 per cent, respectively, while Consumer non-durables grew by 2.7 per cent.

Overall, India’s industrial performance in October 2024 shows positive trends, particularly in key sectors driving infrastructure and consumer demand, despite a slight dip in the overall growth compared to the previous year.

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