India's industrial output grew by 3.8% in January, led by mining and consumer durables.
January's Index of Industrial Production jump compares with a revised estimate of 4.25% growth in December, according to data published by the Ministry of Statistics and Programme Implementation on Tuesday.
Economists polled by Bloomberg had forecasted January IIP growth at 4.1%.
The IIP growth expectedly eased to 3.8% in January 2024 from 4.2% in December 2023, entirely led by a deceleration in the growth of manufacturing output, even as the growth in electricity generation and mining output witnessed an acceleration.Aditi Nayar, Chief Economist, Head-Research & Outreach, ICRA
Based on the available high frequency data for February 2024 as well as an unfavourable base, ICRA anticipates IIP growth to remain at 3-4% year-on-year in that month.
Sectoral Estimates (YoY)
Mining output grew by 5.9%.
Manufacturing output expanded by 3.2%.
Electricity generation rose by 5.6%.
Industrial output, as classified by the end use of goods, showed:
Primary goods output rose 2.9%.
Capital goods output increased 4.1%.
Intermediate goods output rose 4.8%.
Infrastructure and construction goods output gained 4.6%.
Consumer durables output rose 10.9%.
Consumer non-durable output fell 0.3%.
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