
India's industrial output, as indicated by the Index of Industrial Production (IIP), demonstrated substantial growth in November 2024, with a noteworthy 5.2% increase compared to the previous month's growth rate of 3.5%. Specifically, the three key sectors - Mining, Manufacturing, and Electricity - also showed positive growth rates during the same period, with rates of 1.9%, 5.8%, and 4.4% respectively.
The Ministry of Statistics and Programme Implementation (MoSPI) data highlights that the overall IIP growth rate for November 2024 surged to 5.2%, marking a significant uptick from the 3.5% recorded in October 2024. Within the Manufacturing sector, 18 out of the 23 industry groups at the NIC 2-digit level exhibited positive growth in November 2024 as compared to November 2023, with key contributors being "Manufacture of basic metals" at 7.6%, "Manufacture of electrical equipment" at 37.2%, and "Manufacture of other non-metallic mineral products" at 12.0%.
Moreover, in the Manufacturing sector, specific item groups within industries like "Manufacture of basic metals" and "Manufacture of electrical equipment" displayed significant contributions to the growth. In particular, items such as "Galvanized products of Steel," "Pipes and tubes of Steel," and "Flat products of Alloy Steel" made noteworthy contributions to the growth in the "Manufacture of basic metals" group, while items such as "Electric heaters" and "Transformers (Small)" played essential roles in the growth of the "Manufacture of electrical equipment" sector. Additionally, the Industrial output revealed a 4.1% increase in the April-November period in 2024 compared to the revised 6.5% from the previous year, demonstrating ongoing fluctuations in the industrial sector's performance over time.