India’s IIP records a growth of 5.9% in the May 2024

The Quick Estimates of Index of Industrial Production (IIP) are released on 12^th of every month (or previous working day if 12^th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

Key Highlights:

Indices

1.  For the month of May 2024, the Quick Estimates of IIP with base 2011-12 stands at 154.2 against 145.6 in May 2023. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2024 stand at 136.5, 149.7 and 229.3 respectively.
2.  As per Use-based classification, the indices stand at 160.9 for Primary Goods, 105.2 for Capital Goods, 160.8 for Intermediate Goods and 185.1 for Infrastructure/ Construction Goods for the month of May 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.8 and 153.3 respectively for the month of May 2024.

Growth Rate (Y-o-Y)

1. The IIP growth rate for the month of May 2024 over the corresponding period of previous year is 5.9 percent. The IIP growth rate in May 2023 was 5.7 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of May 2024 over May 2023 are 6.6 percent, 4.6 percent and 13.7 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of May 2024 are – “Manufacture of basic metals” (7.8%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (7.5%), and “Manufacture of electrical equipment” (14.7%).
2. The corresponding growth rates of IIP as per Use-based classification in May 2024 over May 2023 are 7.3 percent in Primary goods, 2.5 percent in Capital goods, 2.5 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 12.3 percent in Consumer durables and 2.3 percent in Consumer non-durables (Statement III).  Based on use-based classification, top three positive contributors to the growth of IIP for the month of May 2024 are – Primary goods, Consumer durables and Infrastructure/Construction goods.
3.          Monthly Indices and Growth Rate (in %) of IIP for the last 13 months

3.       Along with the Quick Estimates of IIP for the month of May 2024, the indices for April 2024 have undergone the first revision and those for February 2024 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for May 2024, the first revision for April 2024 and the final revision for February 2024 have been compiled at weighted response rates of 91 percent, 94 percent and 96 percent respectively.

4.     Details of Quick Estimates of the Index of Industrial Production for the month of May 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 12 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.

5.     Release of the Index for June 2024 will be on Monday, 12^th August 2024.

 

Note: –

1. This Press release (English and Hindi Version) is also available at the Ministry’s Website –http://www.mospi.gov.in.
2. Detailed information pertaining to IIP is available at https://mospi.gov.in/iip

* Figures for May’24 are Quick Estimates.

#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION – USE-BASED

(Base :2011-12=100)     Primary goods Capital goods Intermediate goods Infrastructure/ construction goods Consumer durables Consumer non-durables Month (34.048612) (8.223043) (17.221487) (12.338363) (12.839296) (15.329199)   2023-24 2024-25 2023-24 2024-25 2023-24 2024-25 2022-23 2024-25 2023-24 2024-25 2023-24 2024-25 Apr 142.2 152.2 92.4 94.9 152.0 156.9 169.8 183.4 108.1 118.9 154.7 150.9 May* 149.9 160.9 102.6 105.2 156.9 160.8 173.2 185.1 115.6 129.8 149.8 153.3 Jun 146.7   107.4   154.2   170.9   116.8   146.7   Jul 141.8   102.1   153.8   170.3   117.0   153.5   Aug 145.4   107.4   157.4   176.8   123.2   148.3   Sep 138.8   112.6   154.2   172.8   125.0   142.6   Oct 146.1   106.1   157.5   175.9   123.0   142.4   Nov 143.8   98.0   151.3   164.2   106.5   157.2   Dec 151.9   103.8   159.8   180.3   114.5   179.7   Jan 154.3   108.3   163.8   186.6   121.4   164.9   Feb 148.2   106.7   157.6   179.5   121.9   149.9   Mar 163.1   131.1   168.2   195.2   129.9   155.3   Average                         Apr-May 146.1 156.6 97.5 100.1 154.5 158.9 171.5 184.3 111.9 124.4 152.3 152.1 Growth over the corresponding period of previous year#               Apr 1.9 7.0 4.4 2.7 1.7 3.2 13.4 8.0 -2.3 10.0 11.4 -2.5 May* 3.6 7.3 8.1 2.5 3.4 2.5 13.0 6.9 1.5 12.3 8.9 2.3 Apr-May 2.8 7.2 6.3 2.7 2.6 2.8 13.2 7.5 -0.4 11.2 10.2 -0.1

* Figures for May 2024 are Quick Estimates.

NOTE: Indices for the months of Feb’24 and Apr’24 incorporate updated production data.

#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

STATEMENT IV:  MONTHLY INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)

(Base: 2011-12=100) Industry code Description Weight Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 10 Manufacture of food products 5.3025 113.6 121.6 123.9 114.6 123.5 141.5 160.8 158.9 151.9 142.5 120.2 116.4 11 Manufacture of beverages 1.0354 125.0 109.4 103.4 101.6 99.6 100.7 101.3 112.6 120.0 124.3 121.8 134.2 12 Manufacture of tobacco products 0.7985 93.8 71.8 81.4 89.8 82.7 79.8 82.7 84.6 77.3 78.4 61.1 87.8 13 Manufacture of textiles 3.2913 107.8 108.5 107.1 108.4 110.2 102.7 112.3 109.7 104.1 106.5 104.4 106.7 14 Manufacture of wearing apparel 1.3225 120.1 103.9 97.8 102.4 97.8 92.9 113.1 117.3 125.6 143.2 105.1 123.2 15 Manufacture of leather and related products 0.5021 103.4 95.1 92.4 91.8 91.1 78.8 95.9 99.9 96.8 95.9 89.3 102.4 16 Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials 0.1930 98.0 98.4 98.5 108.1 93.7 87.6 97.7 96.4 101.7 111.5 84.3 99.5 17 Manufacture of paper and paper products 0.8724 81.3 82.1 82.3 78.5 78.5 73.3 78.1 79.1 79.2 83.2 76.2 81.9 18 Printing and reproduction of recorded media 0.6798 88.7 89.0 91.0 87.5 87.0 84.1 95.5 91.3 88.8 92.3 83.8 86.2 19 Manufacture of coke and refined petroleum products 11.7749 133.5 131.9 131.7 122.4 125.7 132.9 141.9 134.7 131.2 142.4 135.4 140.7 20 Manufacture of chemicals and chemical products 7.8730 130.5 128.6 126.8 123.6 126.5 119.5 127.5 127.6 125.4 130.3 127.6 133.1 21 Manufacture of pharmaceuticals, medicinal chemical and botanical products 4.9810 225.3 244.5 225.9 220.1 212.8 244.3 286.3 245.6 205.6 228.1 244.2 245.0 22 Manufacture of rubber and plastics products 2.4222 106.5 107.7 108.5 106.5 109.0 105.1 106.9 112.8 110.3 116.8 108.1 111.7 23 Manufacture of other non-metallic mineral products 4.0853 149.5 134.0 142.5 132.8 140.5 127.0 147.1 147.5 147.7 165.4 148.0 148.7 24 Manufacture of basic metals 12.8043 203.4 209.4 217.4 213.6 217.2 207.3 220.2 226.9 213.2 232.1 218.8 222.4 25 Manufacture of fabricated metal products, except machinery and equipment 2.6549 86.7 83.8 100.0 97.1 92.8 81.0 98.1 95.1 95.7 114.8 84.2 97.8 26 Manufacture of computer, electronic and optical products 1.5704 121.9 118.6 131.4 149.4 123.1 96.7 111.6 120.8 125.8 134.7 114.2 138.2 27 Manufacture of electrical equipment 2.9983 103.5 102.5 108.6 108.0 94.8 89.0 116.6 108.1 111.5 124.3 110.1 122.3 28 Manufacture of machinery and equipment n.e.c. 4.7653 123.7 119.9 126.3 127.0 123.3 109.1 115.5 116.4 121.0 145.1 108.0 118.2 29 Manufacture of motor vehicles, trailers and semi-trailers 4.8573 123.6 129.5 128.6 130.5 135.7 126.7 118.5 140.5 130.4 130.3 126.2 133.9 30 Manufacture of other transport equipment 1.7763 140.6 123.5 145.9 166.0 157.2 144.5 137.2 149.5 145.8 175.7 140.3 153.2 31 Manufacture of furniture 0.1311 183.0 190.6 189.5 185.1 176.8 144.5 197.4 199.0 227.7 278.6 209.4 221.6 32 Other manufacturing 0.9415 85.6 97.1 94.6 96.7 103.7 65.8 70.5 76.6 76.4 90.0 97.1 72.4       5 Mining 14.3725 122.3 111.9 111.9 111.5 127.4 131.3 139.5 144.3 139.7 156.2 130.9 136.5 10-32 Manufacturing 77.6332 141.6 142.1 144.4 141.5 142.1 139.3 151.6 150.8 144.4 156.0 144.2 149.7 35 Electricity 7.9943 205.2 204.0 220.5 205.9 203.8 176.3 181.6 197.1 187.2 204.2 212.0 229.3         General Index 100 143.9 142.7 145.8 142.3 144.9 141.1 152.3 153.6 147.1 159.9 147.7 154.2

* Figures for May’24 are Quick Estimates.

NOTE: Indices for the months of Feb’24 and Apr’24 incorporate updated production data.