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Index of Industrial Production Growth Rate for March 2024 Stands at 4.9%

The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday) with a six weeks lag and compiled with data received from source agencies

SMEStreet Edit Desk

11 May 2024 11:03 IST

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For the month of March 2024, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2024 stand at 156.1, 155.1 and 204.2 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

The Quick Estimates of Index of Industrial Production (IIP) are released on 12^th of every month (or previous working day if 12^th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments.

The IIP growth rates for the month of March 2024 over the corresponding period of previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2024 over March 2023 are 1.2 percent, 5.2 percent and 8.6 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).

The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8 percent. The cumulative growth rates of the three sectors, Mining, Manufacturing and Electricity for the period of April-March 2023-24 over the corresponding period of the previous year are 7.5 percent, 5.5 percent and 7.1 percent respectively.

As per Use-based classification, the indices stand at 162.2 for Primary Goods, 130.5 for Capital Goods, 167.5 for Intermediate Goods and 194.2 for Infrastructure/ Construction Goods for the month of March 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.9 and 154.7 respectively for the month of March 2024.

The corresponding growth rates of IIP as per Use-based classification in March 2024 over March 2023 are 2.5 percent in Primary goods, 6.1 percent in Capital goods, 5.1 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 9.5 percent in Consumer durables and 4.9 percent in Consumer non-durables (Statement III).

Details of Quick Estimates of the Index of Industrial Production for the month of March 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 12 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.

Along with the Quick Estimates of IIP for the month of March 2024, the indices for February 2024 have undergone the first revision and those for December 2023 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for March 2024, the first revision for February 2024 and the final revision for December 2023 have been compiled at weighted response rates of 93 percent, 95 percent and 96 percent respectively.

Note:

Press release is also available at the Website of the Ministry -http://www.mospi.gov.in
Press release in Hindi follows and shall be available at:

https://www.mospi.gov.in/hi

STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION - SECTORAL

(Base: 2011-12=100)

Month	Mining		Manufacturing		Electricity		General
	(14.372472)		(77.63321)		(7.994318)		(100)
	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24
Apr	116.6	122.6	131.6	138.8	194.5	192.3	134.5	140.7
May	120.4	128.1	134.6	143.1	199.9	201.6	137.8	145.6
Jun	113.7	122.3	136.8	141.6	196.9	205.2	138.3	143.9
Jul	101.1	111.9	135.0	142.1	188.9	204.0	134.4	142.7
Aug	99.6	111.9	131.3	144.4	191.3	220.5	131.5	145.8
Sep	100.0	111.5	134.6	141.5	187.4	205.9	133.8	142.3
Oct	112.6	127.4	128.5	142.1	169.3	203.8	129.5	144.9
Nov	122.7	131.3	137.5	139.3	166.7	176.3	137.7	141.1
Dec	132.6	139.5	144.9	151.6	179.4	181.6	145.9	152.3
Jan	136.1	144.1	145.5	150.7	186.6	197.1	147.4	153.5
Feb	129.2	139.7	137.6	144.3	174.0	187.1	139.3	147.1
Mar*	154.2	156.1	147.5	155.1	188.0	204.2	151.7	159.2
Average

Apr-Mar	119.9	128.9	137.1	144.6	185.2	198.3	138.5	146.6

Growth over the corresponding period of previous year#

Mar*	6.8	1.2	1.5	5.2	-1.6	8.6	1.9	4.9

Apr-Mar	5.8	7.5	4.7	5.5	8.9	7.1	5.2	5.8

* Figures for Mar’24 are Quick Estimates.

NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data.

#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

STATEMENT II: INDEX OF INDUSTRIAL PRODUCTION - (2-DIGIT LEVEL)
(Base: 2011-12=100)
Industry code	Description	Weight	Index		Cumulative Index		Percentage growth #
Industry code			Mar'23	Mar'24*	Apr-Mar*		Mar'24*	Apr-Mar*
					2022-23	2023-24		2023-24
10	Manufacture of food products	5.3025	147.2	141.5	132.4	134.2	-3.9	1.4
11	Manufacture of beverages	1.0354	123.5	124.0	105.5	110.9	0.4	5.1
12	Manufacture of tobacco products	0.7985	95.5	78.4	88.4	81.2	-17.9	-8.1
13	Manufacture of textiles	3.2913	110.2	109.3	107.5	108.0	-0.8	0.5
14	Manufacture of wearing apparel	1.3225	133.1	143.1	127.9	109.8	7.5	-14.2
15	Manufacture of leather and related products	0.5021	106.2	95.3	96.0	94.9	-10.3	-1.1
16	Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	0.1930	108.1	111.5	104.5	98.3	3.1	-5.9
17	Manufacture of paper and paper products	0.8724	83.1	83.2	82.4	79.4	0.1	-3.6
18	Printing and reproduction of recorded media	0.6798	91.7	93.2	90.6	89.5	1.6	-1.2
19	Manufacture of coke and refined petroleum products	11.7749	141.1	139.6	128.0	132.7	-1.1	3.7
20	Manufacture of chemicals and chemical products	7.8730	130.1	129.7	129.3	127.1	-0.3	-1.7
21	Manufacture of pharmaceuticals, medicinal chemical and botanical products	4.9810	194.7	227.3	216.2	233.4	16.7	8.0
22	Manufacture of rubber and plastics products	2.4222	110.2	116.6	104.5	109.1	5.8	4.4
23	Manufacture of other non-metallic mineral products	4.0853	152.8	164.6	135.3	144.3	7.7	6.7
24	Manufacture of basic metals	12.8043	214.0	230.5	191.9	213.9	7.7	11.5
25	Manufacture of fabricated metal products, except machinery and equipment	2.6549	95.4	114.8	85.3	92.5	20.3	8.4
26	Manufacture of computer, electronic and optical products	1.5704	134.1	132.7	137.2	121.6	-1.0	-11.4
27	Manufacture of electrical equipment	2.9983	108.7	123.9	99.3	106.7	14.0	7.5
28	Manufacture of machinery and equipment n.e.c.	4.7653	141.3	144.9	113.5	120.8	2.5	6.4
29	Manufacture of motor vehicles, trailers and semi-trailers	4.8573	122.4	130.5	114.5	127.8	6.6	11.6
30	Manufacture of other transport equipment	1.7763	139.2	174.5	127.0	144.6	25.4	13.9
31	Manufacture of furniture	0.1311	210.9	276.3	204.1	190.0	31.0	-6.9
32	Other manufacturing	0.9415	108.5	89.9	90.9	85.3	-17.1	-6.2

05	Mining	14.3725	154.2	156.1	119.9	128.9	1.2	7.5
10-32	Manufacturing	77.6332	147.5	155.1	137.1	144.6	5.2	5.5
35	Electricity	7.9943	188.0	204.2	185.2	198.3	8.6	7.1

	General Index	100.00	151.7	159.2	138.5	146.6	4.9	5.8
* Figures for Mar’24 are Quick Estimates.
#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION - USE-BASED
(Base :2011-12=100)
	Primary goods		Capital goods		Intermediate goods		Infrastructure/ Construction goods		Consumer durables		Consumer non-durables
Month	(34.048612)		(8.223043)		(17.221487)		(12.338363)		(12.839296)		(15.329199)
	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24	2022-23	2023-24
Apr	139.5	142.2	88.5	92.4	149.5	152.0	149.7	169.8	110.7	108.1	138.9	154.7
May	144.7	149.9	94.9	102.6	151.7	156.9	153.3	173.2	113.9	115.6	137.5	149.8
Jun	139.3	146.7	104.4	107.4	146.6	154.2	150.8	170.9	125.3	116.8	145.9	146.7
Jul	131.7	141.8	97.1	102.1	149.0	153.8	151.3	170.3	121.4	117.0	141.7	153.5
Aug	129.4	145.4	95.0	107.4	146.6	157.4	152.8	176.8	116.2	123.2	134.9	148.3
Sep	128.5	138.8	103.9	112.6	145.3	154.2	156.9	172.8	123.8	125.0	138.9	142.6
Oct	131.2	146.1	87.2	106.1	143.8	157.5	156.2	175.9	106.1	123.0	130.3	142.4
Nov	132.6	143.8	99.1	98.0	146.3	151.3	161.7	164.2	111.9	106.5	162.7	157.2
Dec	145.0	151.9	100.1	103.8	154.1	159.8	170.9	180.3	108.8	114.5	174.4	179.7
Jan	149.9	154.2	104.9	108.5	155.6	163.8	176.9	186.7	108.8	121.7	164.4	164.0
Feb	139.9	148.2	104.9	106.0	145.1	157.7	165.7	179.8	108.3	121.7	154.8	149.4
Mar*	158.3	162.2	123.0	130.5	159.4	167.5	181.7	194.2	118.6	129.9	147.5	154.7
Average

Apr-Mar	139.2	147.6	100.3	106.5	149.4	157.2	160.7	176.2	114.5	118.6	147.7	153.6

Growth over the corresponding period of previous year#

Mar*	3.3	2.5	10.0	6.1	1.8	5.1	7.2	6.9	-8.0	9.5	-1.9	4.9

Apr-Mar	7.5	6.0	13.1	6.2	3.8	5.2	8.4	9.6	0.6	3.6	0.7	4.0

* Figures for Mar’24 are Quick Estimates.
NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data.
#The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

STATEMENT IV: MONTHLY INDEX OF INDUSTRIAL PRODUCTION - (2-DIGIT LEVEL)
(Base: 2011-12=100)
Ind code	Description	Weight	Apr-23	May-23	Jun-23	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24*
10	Manufacture of food products	5.3025	137.8	123.2	113.6	121.6	123.9	114.6	123.5	141.5	160.8	157.7	151.0	141.5
11	Manufacture of beverages	1.0354	109.2	124.1	125.0	109.4	103.4	101.6	99.6	100.7	101.3	112.4	120.0	124.0
12	Manufacture of tobacco products	0.7985	67.1	83.7	93.8	71.8	81.4	89.8	82.7	79.8	82.7	85.6	77.5	78.4
13	Manufacture of textiles	3.2913	105.6	107.4	107.8	108.5	107.1	108.4	110.2	102.7	112.3	111.2	105.7	109.3
14	Manufacture of wearing apparel	1.3225	92.1	112.2	120.1	103.9	97.8	102.4	97.8	92.9	113.1	116.6	125.4	143.1
15	Manufacture of leather and related products	0.5021	97.7	101.1	103.4	95.1	92.4	91.8	91.1	78.8	95.9	99.5	96.5	95.3
16	Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	0.1930	89.4	98.7	98.0	98.4	98.5	108.1	93.7	87.6	97.7	96.5	101.8	111.5
17	Manufacture of paper and paper products	0.8724	79.8	77.9	81.3	82.1	82.3	78.5	78.5	73.3	78.1	79.1	78.6	83.2
18	Printing and reproduction of recorded media	0.6798	88.6	88.7	88.7	89.0	91.0	87.5	87.0	84.1	95.5	90.8	89.4	93.2
19	Manufacture of coke and refined petroleum products	11.7749	129.1	138.0	133.5	131.9	131.7	122.4	125.7	132.9	141.9	134.6	131.2	139.6
20	Manufacture of chemicals and chemical products	7.8730	126.6	133.8	130.5	128.6	126.8	123.6	126.5	119.5	127.5	127.7	124.8	129.7
21	Manufacture of pharmaceuticals, medicinal chemical and botanical products	4.9810	237.0	227.9	225.3	244.5	225.9	220.1	212.8	244.3	286.3	244.0	205.0	227.3
22	Manufacture of rubber and plastics products	2.4222	106.3	112.7	106.5	107.7	108.5	106.5	109.0	105.1	106.9	111.7	111.2	116.6
23	Manufacture of other non-metallic mineral products	4.0853	146.7	148.4	149.5	134.0	142.5	132.8	140.5	127.0	147.1	149.2	148.9	164.6
24	Manufacture of basic metals	12.8043	201.9	206.3	203.4	209.4	217.4	213.6	217.2	207.3	220.2	226.2	213.2	230.5
25	Manufacture of fabricated metal products, except machinery and equipment	2.6549	76.4	87.1	86.7	83.8	100.0	97.1	92.8	81.0	98.1	96.9	95.7	114.8
26	Manufacture of computer, electronic and optical products	1.5704	111.5	115.1	121.9	118.6	131.4	149.4	123.1	96.7	111.6	121.0	126.1	132.7
27	Manufacture of electrical equipment	2.9983	106.6	106.6	103.5	102.5	108.6	108.0	94.8	89.0	116.6	108.7	111.6	123.9
28	Manufacture of machinery and equipment n.e.c.	4.7653	107.7	116.2	123.7	119.9	126.3	127.0	123.3	109.1	115.5	116.5	119.8	144.9
29	Manufacture of motor vehicles, trailers and semi-trailers	4.8573	112.9	126.1	123.6	129.5	128.6	130.5	135.7	126.7	118.5	140.7	130.3	130.5
30	Manufacture of other transport equipment	1.7763	119.5	131.2	140.6	123.5	145.9	166.0	157.2	144.5	137.2	149.5	145.8	174.5
31	Manufacture of furniture	0.1311	144.7	179.9	183.0	190.6	189.5	185.1	176.8	144.5	197.4	199.2	212.6	276.3
32	Other manufacturing	0.9415	87.8	79.2	85.6	97.1	94.6	96.7	103.7	65.8	70.5	76.7	76.3	89.9

5	Mining	14.3725	122.6	128.1	122.3	111.9	111.9	111.5	127.4	131.3	139.5	144.1	139.7	156.1
10-32	Manufacturing	77.6332	138.8	143.1	141.6	142.1	144.4	141.5	142.1	139.3	151.6	150.7	144.3	155.1
35	Electricity	7.9943	192.3	201.6	205.2	204.0	220.5	205.9	203.8	176.3	181.6	197.1	187.1	204.2

	General Index	100.00	140.7	145.6	143.9	142.7	145.8	142.3	144.9	141.1	152.3	153.5	147.1	159.2

* Figures for Mar’24 are Quick Estimates.

NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data.

The Indices are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020

IIP Index of Industrial Production