Wednesday, Jun 26 2024 | Time 00:20 Hrs(IST)
Business Economy

India's factory output grows 4.9 pc YoY in March 2024: Govt data

New Delhi, May 10 (UNI) India's factory output measured in terms of Index of Industrial Production (IIP) grew 4.9% year-on-year (YoY) in the month of March 2024, data from Ministry of Statistics & Programme Implementation (MoSPI) showed on Friday.
The IIP had recorded 5.7% year-on-year growth in the month of February this year.
While mining sector output recorded 1.2% growth in March this year, the manufacturing sector grew at 5.2% during this period.
Electricity sector registered 8.6% year-on-year growth in February 2024, as per the MoSPI data.
Commenting on March IIP numbers, ICRA chief economist Aditi Nayar said, "The IIP growth was led by a robust expansion in electricity, with demand boosted by rising temperatures, and dampened by a feeble rise in mining output. Encouragingly, manufacturing growth rose to a five month high, albeit on a very low base.
While attributing the deceleration in IIP growth during March this year to weak mining sector activities, Nish Bhatt, Founder & CEO, Millwood Kane International suggested that expectation of a strong monsoon, decreasing inflation, and increasing urban demand are potential upsides to industrial growth going forward.
"However, the geopolitical issues, rural consumption, inflationary food prices and crude movement needs to be monitored in near future," he added.
The cumulative IIP growth for the financial year ending March 2024 stood at 5.8%.
"The cumulative growth rate stands at 5.8% for April–March 2023-24 surpassing the growth of 5.2% in the period earlier. These numbers reinforce the nation's strong economic growth trajectory and its ambition to achieve the $ 5 trillion milestone," said Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd.
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