The Index of Industrial Production was 5.9 per cent higher in May this year compared to the same month last year. According to data issued by the Ministry of Statistics on Friday, a spate of sectors has seen an uptick. Growth for the month May 2024 stood at mining 6.6 per cent, manufacturing 4.6 per cent, with electricity growing 13.7 per cent.
The growth drivers at the top in the manufacturing sector during May 2024 were "Manufacture of basic metals" at 7.8 percent, "Manufacture of pharmaceuticals, medicinal chemicals and botanical products" at 7.5 percent, with "Manufacture of electrical equipment" throttling past all of these at 14.7 percent, the official statistics indicate.
The user-based categories further bifurcate into consumer durables, where the output of refrigerators and other such white goods, washing machines, and television increased significantly by 12.3 percent, which indicates that these products are in rising demand in an economy on the growth path.
Capital goods production, indicative of the actual investment being made in the economy through manufacture of machinery, showed a modest growth of 2.5 per cent.
Also, the output of non-durable consumer goods comprising soaps and cosmetics rose 2.3 per cent. Infrastructure- or construction-related goods saw muted growth at 6.9 per cent in May 2024.
The IIP was up 5.7 per cent in May 2023 for comparative analysis.
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