India’s industrial sector showcased renewed momentum as the Index of Industrial Production (IIP) reported a growth rate of 3.1% in September 2024. The Ministry of Statistics and Programme Implementation highlighted this as a significant rebound from August’s minor contraction of -0.1%. The overall index reached 146.7, compared to 142.3 in September 2023, driven by strong manufacturing performance.

The core sectors—mining, manufacturing, and electricity—recorded mixed results. Mining posted a modest growth of 0.2%, while manufacturing surged by 3.9%, acting as the main growth driver. The electricity sector grew more slowly at 0.5%. Key manufacturing contributors included “Manufacture of coke and refined petroleum products” with 5.3% growth, “Manufacture of basic metals” at 2.5%, and a striking 18.7% surge in “Manufacture of electrical equipment.”

A use-based analysis of IIP growth revealed broad gains across segments. Primary Goods grew 1.8%, Capital Goods rose 2.8%, and Intermediate Goods led with 4.2%, significantly boosting the IIP. Infrastructure and construction goods expanded by 3.3%, while Consumer Durables saw the highest growth at 6.5%. Consumer Non-Durables also posted a 2.0% increase. Intermediate Goods, Consumer Durables, and Primary Goods stood out as top contributors to September’s IIP growth, signaling strong demand across consumer and industrial sectors.

The IIP, updated monthly with inputs from various agencies, also underwent revisions to ensure accuracy. Quick Estimates for September were supplemented by revised indices for August and June 2024, with weighted response rates of 91%, 94%, and 96%, respectively. These revisions are crucial for a detailed understanding of industrial trends. The IIP data for October 2024 is set for release on December 12.

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