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Financial News: India Industrial Output Growth At 3-Month Low

India Industrial Output Growth At 3-Month Low

06/12/2024 - 09:24:00 (RTTNews)

(RTTNews) - India's industrial production growth moderated to a three-month low in April but the pace of expansion surpassed expectations, official data revealed on Wednesday.

Industrial production posted an annual growth of 5.0 percent, weaker than March's 5.4 percent increase, the Ministry of Statistics and Programme Implementation said. However, the figure was stronger than economists' forecast of 4.6 percent.

Output had advanced 4.6 percent in April 2023.

Among three sectors, mining grew 6.7 percent, manufacturing advanced 3.9 percent and electricity output climbed 10.2 percent in April.

Primary goods, capital goods, intermediate goods, infrastructure and construction goods and consumer durable goods contributed positively to the IIP, while non-durable consumer goods posted negative growth.

The recent <a href=https://www.rttnews.com/3451721/india-manufacturing-growth-eases-amid-intensive-heatwave.aspx target=_blank >Purchasing Managers' survey</a> showed that India's manufacturing sector grew strongly in May but the pace of growth softened as the intensive heatwave affected production volumes. The HSBC manufacturing PMI fell to 57.5 in May from 58.8 in April.

Last week, the <a href=https://www.rttnews.com/3453106/india-holds-key-interest-rates-as-expected-raises-growth-outlook.aspx target=_blank >Reserve Bank of India</a> upgraded its growth outlook for 2024-25 to 7.2 percent from 7.0 percent.

When the projected GDP growth of 7.2 percent materializes, it will be the fourth consecutive year with growth at or above 7 percent, RBI Governor Shaktikanta Das said.

Another official data today showed that inflation eased to a 12-month low in May largely due to lower costs for fuel and light. Consumer price inflation came in at 4.75 percent compared to 4.83 percent in April.

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