India's Industrial Production (IIP) growth rate for March stood at 4.9%, slightly down from 5.7% in February, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.
The manufacturing sector, a significant contributor to India's industrial output, experienced a growth of 5.2% in March, showing a slight increase from 5% in February. Among the key drivers of this growth were sectors such as 'Manufacture of basic metals' (7.7% growth), 'Manufacture of pharmaceuticals, medicinal chemical and botanical products' (16.7% growth), and 'Manufacture of other transport equipment' (25.4% growth).
Electricity generation, another crucial component, witnessed a growth rate of 8.6% year-on-year in March, compared to 7.5% in February. Meanwhile, mining production saw a modest increase of 1.2% during the same period.
In terms of use-based classification, the growth rates for various categories in March 2024 over March 2023 were as follows: 2.5% in primary goods, 6.1% in capital goods, 5.1% in intermediate goods, 6.9% in infrastructure/construction goods, 9.5% in consumer durables, and 4.9% in consumer non-durables.
Despite the slight dip in overall industrial production growth, the cumulative growth rate for the fiscal year ending March 2024, compared to the previous fiscal year, stood at 5.8%.
