India's industrial production for February grew by 5.7 per cent mainly because of the good performance of the mining sector, as per an official data released on Friday. This marks a slight deceleration compared to the 6 per cent growth recorded in February 2023. According to the statement issued by authorities, the National Statistical Office (NSO) disclosed that the manufacturing sector's output expanded by 5 per cent in February 2024, indicating a decrease from the 5.9 per cent growth saw in the same month of the previous year.
According to the official release, for February, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 147.2. The indices of Industrial Production for the mining, manufacturing, and electricity sectors for the February stood at 139.6, 144.5, and 187.1 respectively.
February 2024 witnessed an 8 per cent increase in mining production and a 7.5 per cent surge in power output, demonstrating promising growth in these sectors. The overall growth trajectory of the IIP stood at 5.9 per cent during April 2023-February 2024, surpassing the 5.6 per cent expansion recorded in the corresponding period of the previous year.
This data offers insights into India's industrial landscape, highlighting both areas of growth and sectors experiencing a slowdown, shaping economic forecasts and policies moving forward.
According to the data, infrastructure/construction goods reported a growth of 8.5 in February 2024 against a 9 per cent expansion in the year-ago period.
The data also showed that the output of primary goods logged 5.9 per cent growth in February this year, down from 7 per cent a year ago. The expansion in the intermediate goods segment was 9.5 per cent in the month under review, higher than the 1 per cent recorded in the same period a year ago.
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