India's industrial production surged by 3.8 per cent in December 2023: Union Ministry report

Feb 12, 2024

New Delhi [India], February 12 : In a testament to India's industrial resilience, the Ministry of Statistics and Programme Implementation released its Quick Estimates of Index of Industrial Production (IIP) for December 2023, showcasing a robust growth of 3.8 per cent.
This uptick, based on a base of 2011-12, underscores the nation's steadfast progress despite global challenges.
According to the press release by the Ministry, the IIP, a key barometer of industrial activity, soared to 151.5 in December 2023, propelled by notable expansions in the mining, manufacturing, and electricity sectors.
Specifically, the indices for Mining, Manufacturing, and Electricity stood at 139.4, 150.6, and 181.6 respectively, indicating a growth trajectory across essential sectors.
Delving deeper into the use-based classification, the indices for Primary Goods, Capital Goods, Intermediate Goods, and Infrastructure/Construction Goods witnessed escalations, underscoring a multifaceted industrial resurgence.
Consumer Durables and Consumer Non-Durables indices also registered positive trends, portraying buoyant consumer confidence and market vibrancy, read the press release.
The Quick Estimates of Index of Industrial Production (IIP) for December 2023 also shed light on the use-based classification indices, offering a nuanced understanding of industrial dynamics across various categories.
Among these classifications, Primary Goods emerged as a cornerstone of industrial activity, boasting a robust index of 151.7.
Capital Goods, essential for the expansion and modernization of industrial infrastructure, registered a notable index of 103.3, underscoring ongoing investments in productive capacities.
Intermediate Goods, serving as crucial inputs in the production process, exhibited a substantial index of 159.3, reflecting buoyant demand and supply chain resilience, read the press release.
Infrastructure/Construction Goods, pivotal for driving infrastructure development and economic growth, showcased a commendable index of 177.9, indicative of sustained momentum in construction activities.
Consumer Durables, reflecting consumer sentiment and purchasing power, posted a resilient index of 114.0, underlining the resilience of the consumer goods market.
Conversely, Consumer Non-Durables, encompassing essential everyday goods, displayed robust demand dynamics with an impressive index of 178.0, signaling buoyant consumption patterns and market vitality.
The report further elucidated sectoral insights, unveiling a nuanced understanding of industrial dynamics.
From Manufacturing of Food Products to Fabricated Metal Products, the detailed analysis highlights sector-specific performances, providing stakeholders with comprehensive insights into India's industrial landscape, read the press release.
This retrospective analysis illuminates the trajectory of India's industrial journey, elucidating patterns, trends, and fluctuations, crucial for informed decision-making.
In light of the COVID-19 pandemic's unprecedented impact, the report emphasizes interpreting growth rates with contextual sensitivity.
Despite these challenges, India's industrial resilience shines through, as evidenced by sustained growth trajectories across diverse sectors.
With the release of the Index for January 2024 slated for March 12, 2024, anticipation brews regarding the nation's continued industrial momentum.
These indices collectively underscore the multifaceted nature of India's industrial landscape, highlighting the interplay between production, consumption, and investment across diverse sectors.