India's industrial production touches 3.1% in September 

India's industrial production increased by 3.1% in September, official data shared by the Centre showed. In the previous month of August, the Index of Industrial Production (IIP) showed a 0.1% decline. Nonetheless, there was a noticeable improvement from the IIP growth rate of 6.4% in September 2023.

“The IIP growth rate for the month of September 2024 is 3.1 per cent which was (-) 0.1 per cent in the month of August 2024," an official statement said.

According to the data, there was a 3.9% year-on-year increase in manufacturing output, a 0.5% growth in electricity generation, and a 0.2% rise in mining activity in September. These sectors had experienced growth rates of 5.1%, 9.9%, and 11.5% respectively, a year ago. In the April-September period, industrial output saw a 4% increase, compared to the revised 6.2% growth from the previous year.

Key Highlights:

> The IIP growth rate for the month of September 2024 is 3.1 percent which was (-) 0.1 percent in the month of August 2024.

> The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of September 2024 are 0.2 percent, 3.9 percent and 0.5 percent, respectively.

> The Quick Estimates of IIP stands at 146.7 against 142.3 in September 2023. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of September 2024 stand at 111.7, 147.0 and 206.9 respectively.

> Within the manufacturing sector, top three positive contributors for the month of September 2024 are – “Manufacture of coke and refined petroleum products” (5.3%), “Manufacture of basic metals” (2.5%), and “Manufacture of electrical equipment” (18.7%).

> As per the use base classification, the indices stand at 141.3 for Primary Goods, 115.8 for Capital Goods, 160.7 for Intermediate Goods and 178.5 for Infrastructure/ Construction Goods for the month of September 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 133.1 and 145.5, respectively.

> The corresponding growth rates of IIP as per Use-based classification in September 2024 over September 2023 are 1.8 percent in Primary goods, 2.8 percent in Capital goods, 4.2 percent in Intermediate goods, 3.3 percent in Infrastructure/ Construction Goods, 6.5 percent in Consumer durables and 2.0 percent in Consumer non-durables (Statement III).  

> Based on use-based classification, top three positive contributors to the growth of IIP for the month of September 2024 are –Intermediate goods, Consumer durables and Primary goods.