Industrial output grows 3.5% in October, manufacturing expands by 4.1%

India's industrial output growth slowed to 3.5% in October 2024, mainly due to poor show by mining, power and manufacturing sectors, according to official data released on Thursday.

The factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 11.9% in October 2023.

The growth in manufacturing sector expanded by 4.1% in October 2024 against 10.6% in the year-ago month. The mining and electricity sectors grew by 0.9% and 2.0%, respectively, during the same period.

The IIP stood at 149.9 in October 2024, up from 144.9 in October 2023.

In the manufacturing sector, 18 of the 23 industry groups recorded positive growth. Key contributors included the manufacture of basic metals (3.5%), electrical equipment (33.1%), and coke and refined petroleum products (5.6%).

Within the basic metals segment, growth was driven by items such as pipes and tubes of steel, galvanised products, and bars and rods of mild steel. In the electrical equipment category, items like electric heaters, small transformers, and optical fibre connectors contributed significantly.

The use-based classification of the IIP showed growth across all segments.

Infrastructure/construction goods grew by 4.0%, while consumer durables and non-durables expanded by 5.9% and 2.7%, respectively. Capital goods and primary goods registered growth rates of 3.1% and 2.6%.

Revised estimates for September 2024 and final figures for July 2024 were also released, with response rates of 94% and 91%, respectively.

In the April-October period, the IIP grew 4 per cent down from 7 per cent in the year-ago period.

The IIP data for November 2024 will be released on January 10, 2025.