India's Industrial Output Increased by 3.5% in October 2024: Official Data

New Delhi, Dec 12 (NationPress) The Index of Industrial Production (IIP) in India experienced a year-on-year increase of 3.5% in October, rising from 3.1% in September 2024, as per the report released by the Ministry of Statistics on Thursday.

The manufacturing sector, which constitutes more than three-fourths of the IIP, recorded a growth rate of 4.1% in October.

This sector is crucial in generating quality employment opportunities for the young graduates emerging from the country's engineering colleges and universities.

Within the manufacturing domain, 18 out of 23 industry groups posted positive growth in October compared to the same month in the prior year.

The leading contributors to this positive growth include – “Manufacture of basic metals” (3.5%), “Manufacture of electrical equipment” (33.1%), and “Manufacture of coke and refined petroleum products” (5.6%).

The growth rates for the electricity and mining sectors in October were documented at 2% and 0.9%, respectively.

According to user classification data, the production of capital goods, which includes machinery for factories, rose by 3.1%.

This segment indicates the genuine investments occurring in the economy, which has a significant multiplier effect on job and income creation in the future.

Additionally, there was a 5.9% rise in the production of consumer durables like electronics, refrigerators, and televisions during September, showcasing increased consumer demand for these products amid rising incomes.

The output of consumer non-durables, including soaps and cosmetics, increased by 2.7% during the month.

The production of intermediate goods grew by 3.7%, and there was a 4% rise in infrastructure/construction goods in October compared to the same month of the previous year, as further indicated by the data.