New Delhi: India’s Index of Industrial Production (IIP) growth rate for December 2024 was 3.2 per cent as against 5.2 per cent (Quick Estimate) in November 2024, as per the information released today by the Ministry of Statistics & Programme Implementation.
The growth rates of the three sectors, mining, manufacturing and electricity for December 2024 are 2.6 per cent, 3.0 per cent and 6.2 per cent respectively.
The Quick Estimates of IIP stands at 157.2 against 152.3 in December 2023. The Indices of Industrial Production for the mining, manufacturing and electricity sectors for December 2024 stand at 143.1, 156.2 and 192.8 respectively.
Within the manufacturing sector, 16 out of 23 industry groups at the National Industrial Classification (NIC) 2 digit-level have recorded a positive growth in December 2024 over December 2023. The top three positive contributors for December 2024 are – “Manufacture of basic metals” (6.7%), “Manufacture of electrical equipment” (40.1%) and “Manufacture of coke and refined petroleum products” (3.9%).
In the industry group “Manufacture of basic metals”, item groups “MS blooms/ billets/ ingots/ pencil ingots “, “Galvanized products of Steel (including colour coated tin plates, TMBP and Tin free steel)”, “Pipes and tubes of Steel”, have shown significant contribution in growth.
In the industry group “Manufacture of electrical equipment”, item groups “Electric heaters”, “Transformers (Small)”, and “End facing connector for optical fibres and cables” have shown significant contribution in growth.
In the industry group “Manufacture of coke and refined petroleum products” item groups “Diesel”, “Aviation Turbine Fuel (ATF)”, and “Naphtha” have shown significant contributions in growth.
As per the use base classification, the indices stand at 157.7 for Primary Goods, 114.5 for Capital Goods, 169.3 for Intermediate Goods and 191.7 for Infrastructure/ Construction Goods for December 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 124.0 and 166.0 respectively.
The corresponding growth rates of IIP as per Use-based classification in December 2024 over December 2023 are 3.8 per cent in Primary goods, 10.3 per cent in Capital goods, 5.9 per cent in Intermediate goods, 6.3 per cent in Infrastructure/ Construction Goods, 8.3 per cent in Consumer durables and (-)7.6 per cent in Consumer non-durables (Statement III). Based on use-based classification, the top three positive contributors to the growth of IIP for December 2024 are – Primary goods, Intermediate goods, and Infrastructure/ construction goods.
IIPs are released on the 12th of every month (or the previous working day if the 12th is a holiday) with a six-week lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
Along with the Quick Estimates of IIP for December 2024, the indices for November 2024 have undergone the first revision and those for September 2024 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for December 2024, the first revision for November 2024 and the final revision for September 2024 have been compiled at weighted response rates of 91 per cent, 95 per cent and 96 per cent respectively.
Details of Quick Estimates of the Index of Industrial Production for the month of December 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 13 months, by industry groups (as per the 2-digit level of NIC-2008) and sectors.
The release of the Index for January 2025 will be on Wednesday, 12th March 2025.
– global bihari bureau
