Indian Core Sector growth and IIP growth show upswing

The combined Index of Eight Core Industries (ICI) increased by 6.2 per cent (provisional) in April, 2024 as compared to the Index in April, 2023.The Core Industries Index increased by 6 % in March 2024. The production of Electricity, Natural Gas, Coal, Steel, Refinery Products, Crude Oil and Cement recorded positive growth in April 2024 and only Fertilisers showed a marginal decline in April 2024.The last few years trend data given below will provide important inputs as to the growth of this Core Sectors in India:

Industrial output as measured by IIP in India rose by 4.9% on an annual basis in March 2024, slightly below market expectations of a 5.1% growth. Manufacturing output which accounts for nearly 78% of total industrial production, expanded by 5.2% with surged growth noted for metal products exc. machinery (+20.3%), electrical equipment (+14%), transport equipment (+25.4%) and furniture (+31%). Moreover, output was also higher for mining (+1.2%) and electricity (+8.6%). source: Ministry of Statistics and Programme Implementation (MOSPI)

According to the Ministry of Statistics & Programme Implementation (MoSPI), India's Index of Industrial Production (IIP) for March 2024 was 159.2, with a base of 2011-12. This represents a 4.9% year-on-year growth in factory output, which is a slight decrease from the 5.6% growth in February 2024. The mining sector's performance was a major factor in the slowdown, with its index at 156.1 for March 2024. However, other sectors, such as manufacturing and electricity, saw growth, with indices of 155.1 and 204.2 respectively. Within the manufacturing sector, the manufacture of basic metals, pharmaceuticals, and other transport equipment all contributed to the IIP's growth

Courtesy:Trading Economics website

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