India's Industrial Output Sees Impressive Growth in May 2024

India's industrial production surged by 5.9% in May 2024, driven by strong performances in the mining and power sectors. Factory output, measured by the Index of Industrial Production (IIP), showed a notable increase despite a slowdown in manufacturing. The data, released by the NSO, underscores steady industrial growth.

India's industrial production surged by 5.9 percent in May this year, buoyed by robust performances in the mining and power sectors, according to official data released on Friday.

The Index of Industrial Production (IIP), a key barometer for factory output, recorded a 5.7 percent growth in May 2023, marking a significant rise.

The report from the National Statistical Office (NSO) highlighted a slowdown in the manufacturing sector's output, which grew by 4.6 percent in May 2024 compared to 6.3 percent in the same month last year. Mining production rose by an impressive 6.6 percent, while power output soared by 13.7 percent in May this year.

On a cumulative basis, the IIP for April-May this fiscal year showed a 5.4 percent increase, up from 5.1 percent during the same period last year, according to the NSO report.

(With inputs from agencies.)