IIP growth falls to 3.5% in Oct

New Delhi: India’s industrial production (IIP) growth slowed to 3.5 per cent year-on-year in October 2024, mainly due to poor performance of mining, power and manufacturing, as per official data released on Thursday. The IIP recorded a growth of 11.9 per cent in October 2023, according to a statement by the Ministry of Statistics &Programme Implementation.

However, on a sequential basis, the factory output in October 2024 rose to 3.5 per cent from 3.1 per cent in September and a contraction of 0.1 per cent in August this year.

The growth in the factory output, measured in terms of the IIP, in April-October worked out to be four per cent against seven per cent in the year-ago period, the data showed.

As per the data, the mining output growth decelerated to 0.9 per cent in October from 13.1 per cent expansion in the year-ago month. The manufacturing sector’s growth decelerated to 4.1 per cent in October from 10.6 per cent a year ago. Similarly, in power generation, the output growth slowed sharply to 2 per cent from a 20.4 per cent growth a year ago.