Industrial output growth slows to 4.9% in March
India’s industrial output growth slowed to 4.9% in March from 5.6% in February, the National Statistical Oªce revealed on Friday, with base eects from last March, when output had grown a feeble 1.9%, boosting the uptick. Mining output slid to a 19-month low growth of 1.2%, while electricity generation rose 8.6% from a 1.6% contraction in March 2023.
Manufacturing, which constitutes 77.6% of the Index of Industrial Production (IIP), grew at a vemonth high pace of 5.2% in March, against 1.5% uptick in the same month last year. Manufacturing growth for February was revised to 4.9% from 5% estimated earlier, along with the month’s IIP growth which was downgraded from 5.7%.
Overall industrial output grew 5.8% in 2023-24, a tad higher than the 5.2% rise in the previous year, with manufacturing output growing 5.5% compared with 4.7% in 2022-23 and mining output accelerating by 7.5% last year from a 5.8% rise in the preceding year.
Electricity generation grew 7.1% in 2023-24, easing from an 8.9% surge in the previous year.
Seven of 23 major manufacturing segments recorded a contraction in
March, but as many as ten segments reported a drop in output through 2023-24, including wearing apparel (-14.2%), computers and electronics (-11.4%), furniture (-6.9%), wood products (-5.9%), chemicals (-1.7%) and leather (-1.1%).
Consumer durables grew the weakest at 3.6% compared with a meagre 0.6% rise in 2022-23, while non-durables rose 4% vis-àvis a 0.7% uptick in the previous year. In March, consumer durables output recorded the sharpest surge for the second month in a row, rising 9.5%, albeit over an 8% contraction in March 2023. In February, they had grown 12.3% relative to a 4.1% contraction a year ago.
Consumer non-durables broke a two-month streak of contraction to rise 4.9%, but again over a weak base from March 2023, when they shrank 1.9%.
“The consumption scenario remained mixed last year with urban demand showing resilience while rural demand continued to lag,” said Rajani Sinha, CareEdge Ratings’ chief economist.
Infrastructure and construction goods continued to record healthy growth at 6.9% in March, while capital goods growth picked up to 6.1% from just 1.2% in February.
Intermediate goods and primary goods rose 5.1% and 2.5%, respectively.
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Addressing a large number of workers and some prominent AAP leaders, including his wife Sunita Kejriwal, Mr. Kejriwal said, “I appeal to all of you to come together and ght against dictatorship in the country.”
“I had promised you I will be out soon. Here I am in front of you,” he added.
AAP workers participated in a roadshow from the Tihar Jail to the Chief Minister’s residence in Civil Lines. Mr. Kejriwal thanked the crores of people who supported him and showered him with blessings during the 50 days he spent in jail. He also thanked the Supreme