India’s Index of Industrial Production grows by 4.9 % in March 2024

Manish Kumar
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For the month of 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 the month of March 2024 stand at 156.1, 155.1 and 204.2 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments.

The IIP growth rates for the month of March 2024 over the corresponding period of previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of 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 the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).

The cumulative growth rate for the period of 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 the period of 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 the month of March 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.9 and 154.7 respectively for the month of 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 the month of March 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at 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 2-digit level of NIC-2008) and sectors.

Along with the Quick Estimates of IIP for the month of 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.

Note:

  1. Press release is also available at the Website of the Ministry –http://www.mospi.gov.in
  2. Press release in Hindi follows and shall be available at:

https://www.mospi.gov.in/hi

STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION – SECTORAL
(Base: 2011-12=100)
Month Mining Manufacturing Electricity General
(14.372472) (77.63321) (7.994318) (100)
2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24
Apr 116.6 122.6 131.6 138.8 194.5 192.3 134.5 140.7
May 120.4 128.1 134.6 143.1 199.9 201.6 137.8 145.6
Jun 113.7 122.3 136.8 141.6 196.9 205.2 138.3 143.9
Jul 101.1 111.9 135.0 142.1 188.9 204.0 134.4 142.7
Aug 99.6 111.9 131.3 144.4 191.3 220.5 131.5 145.8
Sep 100.0 111.5 134.6 141.5 187.4 205.9 133.8 142.3
Oct 112.6 127.4 128.5 142.1 169.3 203.8 129.5 144.9
Nov 122.7 131.3 137.5 139.3 166.7 176.3 137.7 141.1
Dec 132.6 139.5 144.9 151.6 179.4 181.6 145.9 152.3
Jan 136.1 144.1 145.5 150.7 186.6 197.1 147.4 153.5
Feb 129.2 139.7 137.6 144.3 174.0 187.1 139.3 147.1
Mar* 154.2 156.1 147.5 155.1 188.0 204.2 151.7 159.2
Average
 
Apr-Mar 119.9 128.9 137.1 144.6 185.2 198.3 138.5 146.6
 
Growth over the corresponding period of previous year#
 
Mar* 6.8 1.2 1.5 5.2 -1.6 8.6 1.9 4.9
 
Apr-Mar 5.8 7.5 4.7 5.5 8.9 7.1 5.2 5.8
             

 
* Figures for Mar’24 are Quick Estimates.
NOTE: Indices for the months of Dec’23 and Feb’24 incorporate updated production data.
#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

 

        

    STATEMENT II:  INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)

  
(Base: 2011-12=100)  
Industry

code

 Description Weight Index Cumulative Index Percentage growth #
    Mar’23 Mar’24* Apr-Mar* Mar’24* Apr-Mar*
          2022-23 2023-24   2023-24
10 Manufacture of food products 5.3025 147.2 141.5 132.4 134.2 -3.9 1.4
11 Manufacture of beverages 1.0354 123.5 124.0 105.5 110.9 0.4 5.1
12 Manufacture of tobacco products 0.7985 95.5 78.4 88.4 81.2 -17.9 -8.1
13 Manufacture of textiles 3.2913 110.2 109.3 107.5 108.0 -0.8 0.5
14 Manufacture of wearing apparel 1.3225 133.1 143.1 127.9 109.8 7.5 -14.2
15 Manufacture of leather and related products 0.5021 106.2 95.3 96.0 94.9 -10.3 -1.1
16 Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials 0.1930 108.1 111.5 104.5 98.3 3.1 -5.9
17 Manufacture of paper and paper products 0.8724 83.1 83.2 82.4 79.4 0.1 -3.6
18 Printing and reproduction of recorded media 0.6798 91.7 93.2 90.6 89.5 1.6 -1.2
19 Manufacture of coke and refined petroleum products 11.7749 141.1 139.6 128.0 132.7 -1.1 3.7
20 Manufacture of chemicals and chemical products 7.8730 130.1 129.7 129.3 127.1 -0.3 -1.7
21 Manufacture of pharmaceuticals, medicinal chemical and botanical products 4.9810 194.7 227.3 216.2 233.4 16.7 8.0
22 Manufacture of rubber and plastics products 2.4222 110.2 116.6 104.5 109.1 5.8 4.4
23 Manufacture of other non-metallic mineral products 4.0853 152.8 164.6 135.3 144.3 7.7 6.7
24 Manufacture of basic metals 12.8043 214.0 230.5 191.9 213.9 7.7 11.5
25 Manufacture of fabricated metal products, except machinery and equipment 2.6549 95.4 114.8 85.3 92.5 20.3 8.4
26 Manufacture of computer, electronic and optical products 1.5704 134.1 132.7 137.2 121.6 -1.0 -11.4
27 Manufacture of electrical equipment 2.9983 108.7 123.9 99.3 106.7 14.0 7.5
28 Manufacture of machinery and equipment n.e.c. 4.7653 141.3 144.9 113.5 120.8 2.5 6.4
29 Manufacture of motor vehicles, trailers and semi-trailers 4.8573 122.4 130.5 114.5 127.8 6.6 11.6
30 Manufacture of other transport equipment 1.7763 139.2 174.5 127.0 144.6 25.4 13.9
31 Manufacture of furniture 0.1311 210.9 276.3 204.1 190.0 31.0 -6.9
32 Other manufacturing 0.9415 108.5 89.9 90.9 85.3 -17.1 -6.2
   
05 Mining 14.3725 154.2 156.1 119.9 128.9 1.2 7.5
10-32 Manufacturing 77.6332 147.5 155.1 137.1 144.6 5.2 5.5
35 Electricity 7.9943 188.0 204.2 185.2 198.3 8.6 7.1
   
  General Index 100.00 151.7 159.2 138.5 146.6 4.9 5.8
* Figures for Mar’24 are Quick Estimates.
#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

 

 

STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION – USE-BASED
(Base :2011-12=100)
  Primary goods Capital goods Intermediate goods Infrastructure/ Construction goods Consumer durables Consumer non-durables
Month (34.048612) (8.223043) (17.221487) (12.338363) (12.839296) (15.329199)
  2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24
Apr 139.5 142.2 88.5 92.4 149.5 152.0 149.7 169.8 110.7 108.1 138.9 154.7
May 144.7 149.9 94.9 102.6 151.7 156.9 153.3 173.2 113.9 115.6 137.5 149.8
Jun 139.3 146.7 104.4 107.4 146.6 154.2 150.8 170.9 125.3 116.8 145.9 146.7
Jul 131.7 141.8 97.1 102.1 149.0 153.8 151.3 170.3 121.4 117.0 141.7 153.5
Aug 129.4 145.4 95.0 107.4 146.6 157.4 152.8 176.8 116.2 123.2 134.9 148.3
Sep 128.5 138.8 103.9 112.6 145.3 154.2 156.9 172.8 123.8 125.0 138.9 142.6
Oct 131.2 146.1 87.2 106.1 143.8 157.5 156.2 175.9 106.1 123.0 130.3 142.4
Nov 132.6 143.8 99.1 98.0 146.3 151.3 161.7 164.2 111.9 106.5 162.7 157.2
Dec 145.0 151.9 100.1 103.8 154.1 159.8 170.9 180.3 108.8 114.5 174.4 179.7
Jan 149.9 154.2 104.9 108.5 155.6 163.8 176.9 186.7 108.8 121.7 164.4 164.0
Feb 139.9 148.2 104.9 106.0 145.1 157.7 165.7 179.8 108.3 121.7 154.8 149.4
Mar* 158.3 162.2 123.0 130.5 159.4 167.5 181.7 194.2 118.6 129.9 147.5 154.7
Average
 
Apr-Mar 139.2 147.6 100.3 106.5 149.4 157.2 160.7 176.2 114.5 118.6 147.7 153.6
 
Growth over the corresponding period of previous year#
 
Mar* 3.3 2.5 10.0 6.1 1.8 5.1 7.2 6.9 -8.0 9.5 -1.9 4.9
 
Apr-Mar 7.5 6.0 13.1 6.2 3.8 5.2 8.4 9.6 0.6 3.6 0.7 4.0
                         
* Figures for Mar’24 are Quick Estimates.
NOTE: Indices for the months of Dec’23 and Feb’24 incorporate updated production data.
#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

 

 

STATEMENT IV:  MONTHLY INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)
(Base: 2011-12=100)
Ind

code

 Description Weight Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24*
10 Manufacture of food products 5.3025 137.8 123.2 113.6 121.6 123.9 114.6 123.5 141.5 160.8 157.7 151.0 141.5
11 Manufacture of beverages 1.0354 109.2 124.1 125.0 109.4 103.4 101.6 99.6 100.7 101.3 112.4 120.0 124.0
12 Manufacture of tobacco products 0.7985 67.1 83.7 93.8 71.8 81.4 89.8 82.7 79.8 82.7 85.6 77.5 78.4
13 Manufacture of textiles 3.2913 105.6 107.4 107.8 108.5 107.1 108.4 110.2 102.7 112.3 111.2 105.7 109.3
14 Manufacture of wearing apparel 1.3225 92.1 112.2 120.1 103.9 97.8 102.4 97.8 92.9 113.1 116.6 125.4 143.1
15 Manufacture of leather and related products 0.5021 97.7 101.1 103.4 95.1 92.4 91.8 91.1 78.8 95.9 99.5 96.5 95.3
16 Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials 0.1930 89.4 98.7 98.0 98.4 98.5 108.1 93.7 87.6 97.7 96.5 101.8 111.5
17 Manufacture of paper and paper products 0.8724 79.8 77.9 81.3 82.1 82.3 78.5 78.5 73.3 78.1 79.1 78.6 83.2
18 Printing and reproduction of recorded media 0.6798 88.6 88.7 88.7 89.0 91.0 87.5 87.0 84.1 95.5 90.8 89.4 93.2
19 Manufacture of coke and refined petroleum products 11.7749 129.1 138.0 133.5 131.9 131.7 122.4 125.7 132.9 141.9 134.6 131.2 139.6
20 Manufacture of chemicals and chemical products 7.8730 126.6 133.8 130.5 128.6 126.8 123.6 126.5 119.5 127.5 127.7 124.8 129.7
21 Manufacture of pharmaceuticals, medicinal chemical and botanical products 4.9810 237.0 227.9 225.3 244.5 225.9 220.1 212.8 244.3 286.3 244.0 205.0 227.3
22 Manufacture of rubber and plastics products 2.4222 106.3 112.7 106.5 107.7 108.5 106.5 109.0 105.1 106.9 111.7 111.2 116.6
23 Manufacture of other non-metallic mineral products 4.0853 146.7 148.4 149.5 134.0 142.5 132.8 140.5 127.0 147.1 149.2 148.9 164.6
24 Manufacture of basic metals 12.8043 201.9 206.3 203.4 209.4 217.4 213.6 217.2 207.3 220.2 226.2 213.2 230.5
25 Manufacture of fabricated metal products, except machinery and equipment 2.6549 76.4 87.1 86.7 83.8 100.0 97.1 92.8 81.0 98.1 96.9 95.7 114.8
26 Manufacture of computer, electronic and optical products 1.5704 111.5 115.1 121.9 118.6 131.4 149.4 123.1 96.7 111.6 121.0 126.1 132.7
27 Manufacture of electrical equipment 2.9983 106.6 106.6 103.5 102.5 108.6 108.0 94.8 89.0 116.6 108.7 111.6 123.9
28 Manufacture of machinery and equipment n.e.c. 4.7653 107.7 116.2 123.7 119.9 126.3 127.0 123.3 109.1 115.5 116.5 119.8 144.9
29 Manufacture of motor vehicles, trailers and semi-trailers 4.8573 112.9 126.1 123.6 129.5 128.6 130.5 135.7 126.7 118.5 140.7 130.3 130.5
30 Manufacture of other transport equipment 1.7763 119.5 131.2 140.6 123.5 145.9 166.0 157.2 144.5 137.2 149.5 145.8 174.5
31 Manufacture of furniture 0.1311 144.7 179.9 183.0 190.6 189.5 185.1 176.8 144.5 197.4 199.2 212.6 276.3
32 Other manufacturing 0.9415 87.8 79.2 85.6 97.1 94.6 96.7 103.7 65.8 70.5 76.7 76.3 89.9
   
5 Mining 14.3725 122.6 128.1 122.3 111.9 111.9 111.5 127.4 131.3 139.5 144.1 139.7 156.1
10-32 Manufacturing 77.6332 138.8 143.1 141.6 142.1 144.4 141.5 142.1 139.3 151.6 150.7 144.3 155.1
35 Electricity 7.9943 192.3 201.6 205.2 204.0 220.5 205.9 203.8 176.3 181.6 197.1 187.1 204.2
   
  General Index 100.00 140.7 145.6 143.9 142.7 145.8 142.3 144.9 141.1 152.3 153.5 147.1 159.2

* Figures for Mar’24 are Quick Estimates.

NOTE: Indices for the months of Dec’23 and Feb’24 incorporate updated production data.

The Indices are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

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