New Delhi, Sep 12 (Agency) Factory output measured in terms of Index of Industrial Production has slowed down to 4.8 percent (provisional) for the month of July 2024 as compared to 6.2 percent growth registered in the same month last year, according to government data released on Thursday. The growth in the July, however, is notch higher than 4.7 percent in the previous month of June. The cumulative growth in the first four months (April-July) of current financial year stands at 5.2 percent compared to 5.1 percent in the corresponding period of last financial year. Growth in all 3 areas of Mining, Manufacturing and Electricity was lower in July 2024. Manufacturing with overall weight of above 77 percent grew at 4.6 percent in July as against 5.3 percent in same month of last year. The Mining sector grew at just 3.7 percent in July compared to 10.7 percent in same month last year, an official release said.
The electricity generation remained stagnant at 7.9 percent in July, 2024 as against 8 percent in the same month last. Within the manufacturing sector, top three positive contributors for the month of July 2024 are – “Manufacture of basic metals” (6.4%), “Manufacture of coke and refined petroleum products” (6.9%), and “Manufacture of electrical equipment” (28.3%), the statement said. As per the use base classification, the indices stand at 150.1 for Primary Goods, 114.4 for Capital Goods, 164.3 for Intermediate Goods and 178.7 for Infrastructure/ Construction Goods for the month of July 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 126.6 and 146.8 respectively. The corresponding growth rates of IIP as per Use-based classification in July 2024 over July 2023 are 5.9 percent in Primary goods, 12.0 percent in Capital goods, 6.8 percent in Intermediate goods, 4.9 percent in Infrastructure/ Construction Goods, 8.2 percent in Consumer durables and (-)4.4 percent in Consumer non-durables. Based on use-based classification, top three positive contributors to the growth of IIP for the month of July 2024 are – Primary goods, Intermediate goods and Consumer durables, the statement added.