India's Factory Engines Slow Down: A Year in Numbers

India's Industrial Production growth dropped to 3.5% in October 2024, driven by weak mining, power, and manufacturing performances. Compared to 11.9% growth a year ago, the current figures show a slowdown across sectors. Particularly hit were mining, manufacturing, and consumer goods, according to official data.

India's latest figures on industrial production reveal a slowdown in economic momentum, with growth dipping to 3.5% year-on-year in October 2024, according to official data released on Thursday. This downturn is largely due to the underperformance of key sectors such as mining, power, and manufacturing.

In stark contrast, October 2023 saw a robust growth rate of 11.9%, indicating a significant deceleration within a year. However, when examining sequential growth, factory output showed a slight uptick to 3.5% in October from 3.1% in September, following a contraction of 0.1% in August.

The data further highlighted declines across various segments: mining output saw a steep fall from 13.1% a year ago to just 0.9%; manufacturing down to 4.1% from 10.6%; and power generation plummeted to 2% from 20.4%. Capital goods, consumer non-durables, and infrastructure goods also recorded slower growth, underscoring a widespread economic cooling.