IIP: India's Industrial Output Grows 3.8% In December
The Index of Industrial Production grew 3.8% in December, as compared with a revised estimate of 2.4% in November.
India's industrial output grew by 3.8% in December, led by an improvement in mining and manufacturing.
The Index of Industrial Production rose by 3.8% in December, as compared with a revised estimate of 2.4% in November, according to data published by the Ministry of Statistics and Programme Implementation on Monday.
Economists polled by Bloomberg had forecast December IIP growth at 2.5%.
In contrast to the slowdown in the core sector growth, the annual growth in industrial output was led by an improvement in the performance of manufacturing. In terms of the use-based categories, only primary goods reported a sequential moderation in December 2023, with all five other categories reporting an improvement.
"With the available high frequency data for January 2024 appearing promising, we anticipate a modest rise in the IIP growth to 4-6% in that month," said Aditi Nayar, chief economist at ICRA.
Sectoral Estimates (YoY)
Mining output grew by 5.1%.
Manufacturing output expanded by 3.9%.
Electricity generation rose by 1.2%.
Industrial output, as classified by the end use of goods, showed:
Primary goods output rose 4.6%.
Capital goods output increased 3.2%.
Intermediate goods output rose 3.4%.
Infrastructure and construction goods output gained 4.1%.
Consumer durables output rose 4.8%.
Consumer non-durables output rose 2.1%.
