India’s industrial production rose to 3.8 per cent in December 2023 as against 2.4 per cent in November 2023, revealed the data provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. IIP in October was recorded at 11.7 per cent in October 2023.

The factory output growth measured in terms of the Index of Industrial Production (IIP) had stood at 5.1 per cent in December 2022, the Ministry said in a press release.

During April-December 2023-24, the IIP growth works out to be 6.1 per cent, up from 5.5 per cent in the corresponding period a year ago.

Meanwhile, power generation declined further by 1.2 per cent YoY against 5.8 per cent in November.

Mining output dropped to 5.1 per cent compared to 6.8 per cent in the previous month. However, in the year ago period, mining output stood at 10.1 per cent.

Manufacturing sector output grew by 3.9 per cent YoY in December last year, after growing 3.6 per cent in December 2022.

According to use-based classification, the capital goods segment grew by 7.8 per cent in December 2022, but it shrank by 3.2 per cent in the same month of last year.

The output of consumer durables grew by 4.8 per cent during the month compared to a decline of 11.2 per cent in 2022.

The output of non-durable consumer goods shrank by 2.1 per cent after expanding by 7.9 per cent in December 2022.

Goods related to infrastructure and construction saw a marginal growth of 4.1 per cent in December 2023, against a 11 per cent expansion YoY.

The data also revealed that, in comparison to the same period last year, the output of primary goods increased by 4.6 per cent in the month as against 8.5 per cent.

In November, the output of intermediate goods did not change from 3.5% to 3.5%.

The core sector makes up 40.27 per cent of the Index of Industrial Production (IIP), making it a lead indicator of industrial activity.