New Delhi, July 12 (FN Agency) India’s factory output for the month of May 2024 grew 5.9 percent year-on-year basis over the corresponding month last year, according to data released by the government on Friday. The factory output measured in terms of Index of Industrial Production (IIP) growth rate for the month of May 2024 over the corresponding period of previous year is 5.9 percent. The IIP growth rate in May 2023 was 5.7 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of May 2024 over May 2023 are 6.6 percent, 4.6 percent and 13.7 percent respectively, Ministry of Statistics & Programme Implementation said in a statement.
Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of May 2024 are – Manufacture of basic metals, Manufacture of pharmaceuticals, medicinal chemical and botanical products and Manufacture of electrical equipment. According to the government data, Manufacture of basic metals grew at the rate of 7.8 percent, Manufacture of pharmaceuticals, medicinal chemical and botanical products registered growth of 7.5 percent, and Manufacture of electrical equipment grew by 14.7 percent during May this year. The corresponding growth rates of IIP as per Use-based classification in May 2024 over May 2023 are 7.3 percent in Primary goods, 2.5 percent in Capital goods, 2.5 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 12.3 percent in Consumer durables and 2.3 percent in Consumer non-durables, the government said. Based on use-based classification, top three positive contributors to the growth of IIP for the month of May 2024 are – Primary goods, Consumer durables and Infrastructure/Construction goods.