New Delhi, Jan 10 (FN Agency) India’s factory output measured in terms of Index on Industrial Production (IIP) grew at 5.2% year-on-year in November 2024 as against 3.5% in the previous month, as per official data released on Friday. Ministry of Statistics and Programme Implementation (MoSPI) data showed that Mining sector registered a growth of 1.9% year-on-year in November last year. Manufacturing and Electricity sectors grew at 5.8% and 4.4% respectively during this period. “The Quick Estimates of IIP stands at 148.4 against 141.1 in November 2023.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2024 stand at 133.8, 147.4 and 184.1 respectively,” MoSPI said. Within the manufacturing sector, 18 out of 23 industry groups at NIC (National Industrial Classification) 2 digit-level have recorded a positive growth in November 2024 over November 2023. The top three positive contributors for the month of November 2024 are – “Manufacture of basic metals” (7.6%), “Manufacture of electrical equipment” (37.2%) and “Manufacture of other non-metallic mineral products” (12.0%). Commenting on the IIP numbers, ICRA Chief Economist Aditi Nayar said that the growth in November has been on expected lines though it slightly trailed her forecast. ICRA expects the IIP growth to moderate to 3-5% in December 2024 (+4.4% in December 2023) from 5.2% in November 2024 (+2.5% in November 2023), partly on account of an unfavorable base.