Data Alert
Nov IIP growth rises to 6-month high of 5.2% from 3.7% in Oct
This story was originally published at 16:54 IST on 10 January 2025
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--India Nov industrial growth 5.2% vs 2.5% year ago
--Informist poll estimated Nov industrial growth at 4.2%
--India Oct industrial growth revised to 3.7% vs 3.5% provisional
--India Apr-Nov industrial growth 4.1% vs 6.5% year ago
--India Nov mining sector growth 1.9% vs 7.0% year ago
--India Nov manufacturing sector growth 5.8% vs 1.3% year ago
--India Nov electricity sector growth 4.4% vs 5.8% year ago
--India Nov primary goods output growth 2.7% vs 8.4% year ago
--India Nov capital goods output growth 9.0% vs -1.1% year ago
--India Nov intermediate goods output growth 5.0% vs 3.4% year ago
--India Nov infrastructure goods output growth 10.0% vs 1.5% year ago
--India Nov consumer durables output growth 13.1% vs -4.8% year ago
--India Nov consumer non-durables output growth 0.6% vs -3.4% year ago
--India Nov industrial growth of 5.2% highest in 6 months
NEW DELHI – India's industrial production grew at a faster pace in November compared to the previous month, with the Index of Industrial Production rising at a six-month-high pace of 5.2% in November compared to October's revised print of 3.7%, data released by the statistics ministry Friday showed.
Industrial output had grown 2.5% in November 2023. At 5.2%, the latest IIP growth print is above the consensus expectation. According to an Informist poll, IIP growth was seen rising to a four-month high of 4.2% in November.
For Apr-Nov, India's industrial output rose 4.1%, much lower than the 6.5% recorded in the first eight months of the financial year 2023-24 (Apr-Mar).
The output of all three sectors--mining, manufacturing, and electricity--grew at a faster clip in November than in the previous month. The output of the manufacturing sector--which accounts for more than three-fourths of the IIP--rose at an eight-month high pace of 5.8% in November against 4.4% in October.
Mining output rose 1.9% in November, up from 0.9% the previous month, while output of electricity rose 4.4% against 2.0% in October.
"There was a positive surprise on the economic front with IIP growth for November coming at 5.2% against our forecast of 4-4.5%," Bank of Baroda Chief Economist Madan Sabnavis said in a note. "Quite clearly, the needle appears to have turned during the festival season which is a good sign."
Within the use-based classification, all but one category saw an improvement in performance in November compared to October. Production of consumer non-durables grew at a slower rate in November, at 0.6%, than October's 2.6%.
Output of consumer durables rose sharply to 13.1% in November compared to 5.7% in October. Infrastructure goods and capital goods also witnessed a sharp rise in production in November, at 10.0% and 9.0%, respectively, against 4.8% and 3.1%, respectively in October.
"Within manufacturing, wearing apparel, wood products, non-metallic minerals, machinery, electronics and transport registered high growth. Apparel and electronics would be a reflection of revival in consumer demand to an extent," Sabnavis said. "We need to see if this can be sustained in the coming months as this will help in boosting the GDP growth number for the year when manufacturing sector growth has been subdued at 5.3%," he said, adding that cumulative IIP growth in FY25 can be 5.0-5.5%.
The following tables detail year-on-year changes in industrial output in November:
| November 2024 | October 2024 | November 2023 | |
| General | 5.2% | 3.7% | 2.5% |
| Mining | 1.9% | 0.9% | 7.0% |
| Manufacturing | 5.8% | 4.4% | 1.3% |
| Electricity | 4.4% | 2.0% | 5.8% |
| Primary goods | 2.7% | 2.5% | 8.4% |
| Capital goods | 9.0% | 3.1% | (-)1.1% |
| Intermediate goods | 5.0% | 4.6% | 3.4% |
| Infrastructure/construction goods | 10.0% | 4.8% | 1.5% |
| Consumer durables | 13.1% | 5.7% | (-)4.8% |
| Consumer non-durables | 0.6% | 2.6% | (-)3.4% |
| Mining | Electricity | Manufacturing | General | |||||
| FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | |
| April | 6.8% | 5.1% | 10.2% | (-)1.1% | 4.2% | 5.5% | 5.2% | 4.6% |
| May | 6.6% | 6.4% | 13.7% | 0.9% | 5.1% | 6.3% | 6.3% | 5.7% |
| June | 10.3% | 7.6% | 8.6% | 4.2% | 3.5% | 3.5% | 4.9% | 4.0% |
| July | 3.8% | 10.7% | 7.9% | 8.0% | 4.7% | 5.3% | 5.0% | 6.2% |
| August | (-)4.3% | 12.3% | (-)3.7% | 15.3% | 1.2% | 10.0% | 0.0% | 10.9% |
| September | 0.2% | 11.5% | 0.5% | 9.9% | 3.9% | 5.1% | 3.1% | 6.4% |
| October | 0.9% | 13.1% | 2.0% | 20.4% | 4.4% | 10.6% | 3.7% | 11.9% |
| November | 1.9% | 7.0% | 4.4% | 5.8% | 5.8% | 1.3% | 5.2% | 2.5% |
| December | 5.2% | 1.2% | 4.6% | 4.4% | ||||
| January | 6.0% | 5.6% | 3.6% | 4.2% | ||||
| February | 8.1% | 7.6% | 4.9% | 5.6% | ||||
| March | 1.3% | 8.6% | 5.9% | 5.5% | ||||
| Mining | Manufacturing | Electricity | General | |
| FY24 | 7.5% | 5.5% | 7.1% | 5.9% |
| FY23 | 5.8% | 4.7% | 8.9% | 5.2% |
| FY22 | 12.2% | 11.8% | 7.9% | 11.4% |
| FY21 | (-)7.8% | (-)9.6% | (-)0.5% | (-)8.4% |
| FY20 | 1.6% | (-)1.4% | 1.0% | (-)0.8% |
| FY19 | 2.9% | 3.9% | 5.2% | 3.8% |
| FY18 | 2.3% | 4.6% | 5.4% | 4.4% |
| FY17 | 5.3% | 4.4% | 5.8% | 4.6% |
| FY16 | 4.3% | 2.8% | 5.7% | 3.3% |
| FY15 | (-)1.4% | 3.8% | 14.8% | 4.0% |
| FY14 | (-)0.1% | 3.6% | 6.1% | 3.3% |
| FY13 | (-)5.3% | 4.8% | 4.0% | 3.3% |
Source: Ministry of Statistics and Programme Implementation
End
Reported by Shubham Rana
Edited by Tanima Banerjee
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