Industrial Output Grows by 3.2% in December 2024: Statistics
Click to start listening
Synopsis
India's industrial production saw a growth of 3.2% in December 2024, as per the Ministry of Statistics. The manufacturing sector contributed significantly, with positive outcomes in various industry groups, indicating strong economic trends and job creation opportunities.
Key Takeaways
- India's industrial growth hit 3.2% in December 2024.
- The manufacturing sector grew by 3% during the same period.
- 16 out of 23 industry groups reported positive growth.
- Electricity sector grew by 6.2%, while mining slowed to 2.6%.
- Capital goods production increased robustly by 10.3%.
New Delhi, Feb 12 (NationPress) The industrial expansion in India, as indicated by the Index of Industrial Production (IIP), reached 3.2 percent in December 2024, based on the information shared by the Ministry of Statistics on Wednesday.
The manufacturing segment, constituting over three-fourths of the IIP, experienced a growth of 3 percent in December 2024.
This sector is vital for offering quality employment opportunities to the young graduates emerging from the nation's engineering colleges and universities.
Among the manufacturing categories, 16 out of 23 industry groups at the NIC 2-digit classification reported positive growth in December 2024 compared to December 2023.
The leading contributors for December 2024 included – “Manufacture of basic metals” at 6.7 percent, “Manufacture of electrical equipment” at a remarkable 40.1 percent, and “Manufacture of coke and refined petroleum products” at 3.9 percent, as stated in the official report.
Within the basic metals manufacturing group, categories like “MS blooms/ billets/ ingots/ pencil ingots”, “Galvanized steel products (including color-coated tin plates, TMBP and tin-free steel)”, and “Steel pipes and tubes” significantly contributed to this growth, as per the official statement.
The electricity sector recorded an impressive growth of 6.2 percent during the month, while the mining sector saw a decline to 2.6 percent.
The growth rate of December shows a slowdown compared to the six-month high of 5.2 percent achieved in November.
Analysis based on usage classification reveals that the output of capital goods, which includes machinery used in factories, surged by 10.3 percent in December.
This segment is indicative of genuine investment in the economy, which has a ripple effect on job creation and income generation.
Additionally, there was an 8.3 percent rise in the production of consumer durables such as electronic devices, refrigerators, and televisions in November 2024, reflecting increased consumer demand amid rising incomes.
Furthermore, industrial production saw a 4 percent increase from April to December 2024-25, compared to 6.3 percent in the same timeframe of the previous financial year.
