IIP Data: There has been a slowdown in the pace of industrial production in the country. The IIP growth rate in July 2024 was 4.8 percent, which was 5.3 percent in August 2023 last year. The IIP growth rate was 4.7 percent in June 2024. Mining, manufacturing and electricity sectors have contributed significantly to the growth rate of IIP in the month of July. During the first four months of the current financial year 2024-25, industrial production grew at a rate of 5.2 percent, whereas in the same period a year ago it grew at a rate of 5.1 percent.
The Ministry of Statistics has released this data of the Index of Industrial Production, according to which in the month of July, the mining sector has shown a growth rate of 3.7 percent, while the growth rate of the manufacturing sector has been 4.6 percent and the growth rate of the electricity sector has been 7.9 percent. In the manufacturing sector, manufacturing of basic metals, coke and refined petroleum products and electrical equipment have proved to be the biggest contributors.
According to IIP data, the growth rate of primary goods has increased by 5.9 percent, capital goods by 12 percent, intermediate goods by 6.8 percent, infrastructure or construction goods by 4.9 percent, consumer durables by 8.2 percent. Whereas a negative growth rate of -4.4 percent has been seen in the consumer non-durables sector.
Commenting on the IIP data, Vivek Rathi, National Director Research, Knight Frank India, said, the data on industrial production indicate that economic activity will remain strong. Industrial production is getting strengthened due to the increase in the output of capital goods. This indicates an increase in domestic investment, which can accelerate economic growth.
Today, the Ministry of Statistics has also released the data of retail inflation rate, according to which the inflation rate in August 2024 was 3.65 percent, which was 3.54 percent in July.
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