India’s industrial production output in March slows down to 4.9% as compared February numbers

India’s industrial growth dipped to 4.9 per cent in March from 5.7 per cent in February, the latest data released by the Ministry of Statistics and Programme Implementation on May 10 showed. For the entire FY24, the Index of Industrial Production (IIP) was 5.8 per cent against 5.2 per cent in the previous year. In March 2023, India’s industrial output had grown by 1.9 per cent.

The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew 5.2 per cent in March 2024, from 5 per cent in February.Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).

In March this year, mining production rose 1.2 per cent, and power output increased 8.6 per cent.