India's Industrial Production Grows 3.5% in October 2024, Shows Data

India's Index of Industrial Production (IIP) showed a year-on-year growth of 3.5 per cent in October as against 3.1 per cent in September this year, the data released by the Ministry of Statistics on Thursday said.

Industrial growth rate of the manufacturing sector that constitutes more than three-fourths of the index of industrial production (IIP) registered a growth of 4.1 per cent in October.

The sector plays a key role in providing quality jobs to the young graduates passing out from the country's engineering institutes and universities.

Within the manufacturing sector, 18 out of 23 industry groups have recorded a positive growth in October over the same month of the previous year.

The top three positive contributors are – "Manufacture of basic metals" (3.5 per cent), "Manufacture of electrical equipment" (33.1 per cent) and "Manufacture of coke and refined petroleum products" (5.6 per cent).

The growth in the output of the electricity and mining sectors for October were recorded at 2 per cent and 0.9 per cent, respectively.

The figures based on user classification reveal that the production of capital goods, which includes machinery in the use of factories, went up by 3.1 per cent.
This segment reflects the real investment taking place in the economy, which has a multiplier effect on the creation of jobs and incomes going ahead.

There was also a 5.9 per cent growth in the production of consumer durables, which included electronic goods, refrigerators, and TVs during the month, showing greater demand for these items as consumer incomes rise.

Consumer non-durables such as soaps and cosmetics grew by 2.7 per cent in the month.

The output of intermediate goods went up by 3.7 per cent while there was an increase of 4 per cent in infrastructure/construction goods during October compared to the same month of the previous year, the figures further showed.