India’s Industrial Growth Inches Up to 5.9% in May 2024

India's Index of Industrial Production (IIP) rose to 5.9% in May 2024, marginally up from 5.7% in May 2023. Growth was led by the manufacturing of basic metals, pharmaceuticals, and electrical equipment, according to the Ministry of Statistics and Programme Implementation.

India's Index of Industrial Production (IIP) for May climbed to 5.9 percent, a modest increase from the previous year's 5.7 percent, data from the Ministry of Statistics and Programme Implementation revealed on Friday. The quick estimates for May 2024 place the IIP at 154.2, rising from 145.6 in May 2023.

The indices for the Mining, Manufacturing, and Electricity sectors in May 2024 stood at 136.5, 149.7, and 229.3, respectively. According to use-based classification, the indices were 160.9 for Primary Goods, 105.2 for Capital Goods, 160.8 for Intermediate Goods, and 185.1 for Infrastructure/Construction Goods. Consumer durables and non-durables indices were at 129.8 and 153.3, respectively.

The IIP growth rate for May 2024 over the corresponding period last year shows an increment to 5.9 percent from 5.7 percent in May 2023. Sector-wise growth in Mining, Manufacturing, and Electricity was recorded at 6.6 percent, 4.6 percent, and 13.7 percent, respectively. Top contributors within the manufacturing sector were the manufacture of basic metals (7.8 percent), pharmaceuticals (7.5 percent), and electrical equipment (14.7 percent). The next release of the IIP, covering June 2024, will be announced on August 12, 2024.