For March 2024, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing, and Electricity sectors for March 2024 stand at 156.1, 155.1, and 204.2 respectively. These Quick Estimates will be revised in the next releases according to the revision policy of IIP.
The Quick Estimates of Index of Industrial Production (IIP) 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.
The IIP growth rate for March 2024 over the corresponding period of the previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing, and Electricity for March 2024 over March 2023 are 1.2 percent, 5.2 percent, and 8.6 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for March 2024 is – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical, and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).
India's Index of Industrial Production grows by 4.9 % in March 2024 #India #Index https://t.co/jQxEXt3sA3 pic.twitter.com/DWKY3L38Ov
— New Delhi Times (@NewDelhiTimes) May 11, 2024
The cumulative growth rate for April-March 2023-24 over the corresponding period of the previous year stands at 5.8 percent. The cumulative growth rates of the three sectors, Mining, Manufacturing, and Electricity for April-March 2023-24 over the corresponding period of the previous year are 7.5 percent, 5.5 percent, and 7.1 percent respectively.
As per Use-based classification, the indices stand at 162.2 for Primary Goods, 130.5 for Capital Goods, 167.5 for Intermediate Goods, and 194.2 for Infrastructure/ Construction Goods for March 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.9 and 154.7 respectively for March 2024.
The corresponding growth rates of IIP as per Use-based classification in March 2024 over March 2023 are 2.5 percent in Primary goods, 6.1 percent in Capital goods, 5.1 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 9.5 percent in Consumer durables and 4.9 percent in Consumer non-durables (Statement III).
Details of Quick Estimates of the Index of Industrial Production for March 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given in 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 12 months, by industry groups (as per the 2-digit level of NIC-2008) and sectors.
Along with the Quick Estimates of IIP for March 2024, the indices for February 2024 have undergone the first revision and those for December 2023 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for March 2024, the first revision for February 2024, and the final revision for December 2023 have been compiled at weighted response rates of 93 percent, 95 percent, and 96 percent respectively.
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