India’s industrial production posts 5.9 pc growth in May

India’s industrial production posts 5.9 pc growth in MayJuly 12, 2024New Delhi, July 12 (IANS) India’s Index of Industrial Production (IIP) rose by 5.9 per cent in May this year, compared to the same month last year, and accelerating from 5 per cent in April, data released by the Ministry of Statistics on Friday showed. The growth rates of the mining, manufacturing, and electricity sectors of the index stood at 6.6 per cent, 4.6 per cent and 13.7 per cent, respectively, in May 2024 compared to the same month last year.Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of May 2024 is “Manufacture of basic metals” (7.8 per cent), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (7.5 per cent), and “Manufacture of electrical equipment” (14.7 per cent), according to the official figures.Data on use-based classification shows that the output of consumer durables such as refrigerators, washing machines and TVs surged by 12.3 per cent which is a positive sign of demand for these goods picking up in a growing economy.However, the production of capital goods, which comprise machines that produce goods and thus, reflect the real investment taking place in the economy, grew at 2.5 per cent.The output of non-durable consumer goods such as soaps and cosmetics grew by 2.3 per cent.Goods related to infrastructure and construction saw a marginal growth of 6.9 per cent in May 2024.The factory output growth measured in terms of the IIP had grown by 5.7 per cent in May 2023.–IANSsps/vd