India’s industrial production increased by 5.2% in April to June

Business: The Ministry of Statistics and Programme Implementation’s (MoSPI) Index of Industrial Production (IIP) stands at 4.2 per cent for June 2024. According to the ministry’s data released on Monday, August 12, the IIP growth rate for the month has increased by 0.2 per cent as compared to the growth rate of 4 per cent in June 2023. India’s IIP growth rate for the financial year 2024-25 has increased by 0.5 per cent to 5.2 per cent as compared to 4.7 per cent in the previous year. There are three major sectors in the IIP data that reflect the state of production growth in the country. The mining sector grew by 10.3 per cent year-on-year in June 2024 as compared to June 2023 levels. As per the data release, the manufacturing and electricity sectors grew by 2.6 per cent and 8.6 per cent year-on-year respectively in June 2024 as compared to the same period last year. The mining sector drove IIP growth in June 2024. The mining sector has a weight of 14.37 per cent in the IIP data, while manufacturing has a weight of 77.63 per cent, and the remaining 7.99 per cent weight is of the power sector. India’s manufacturing sector witnessed a growth of 3.8 per cent for April to June 2024, a decline of 1.3 per cent, as against 5.1 per cent in the same period last year. According to data provided by the Ministry of Statistics and Programme Implementation (MoSPI), it shows that even though the IIP data showed growth, the key manufacturing sector witnessed a decline in growth figures. According to the press release, the ministry data also revealed that the growth of manufacturing of food products and manufacturing of tobacco products declined by 5.5 per cent and 4.9 per cent year-on-year in the months of April to June 2024.