IIP growth slumps to eight-month loqw of 2.4% in November

India’s industrial output growth slumped to an eight-month low of 2.4% in November, from a 16-month high of 11.6% in October, with manufacturing output slipping to the lowest in seven months to grow just 1.2%.

India’s industrial output growth slumped to an eight-month low of 2.4% in November, from a 16-month high of 11.6% in October, with manufacturing output slipping to the lowest in seven months to grow just 1.2%.

The Mining sector grew 6.8% and production levels were at the highest since April 2023, but electricity generation dropped to its lowest since last February, although they were up 5.8% on a year-on-year basis, compared to a 20.4% uptick in October.

Just six of 23 manufacturing segments recorded growth in November, led by a 14.2% rise in coke and refined petroleum products, other transport equipment (up 9.8%) and motor vehicles (up 9.2%). On the other hand, furniture output dropped 30.5%, computers and electronics fell by 25%, sharper than the 15.2% overall decline between April and November 2023, while wearing apparel production continued to drag, dipping 20.5% in November.

Three of the six end-use segments contracted in November — consumer durables (-5.4%) and non-durables (-3.6%) as well as capital goods (-1.1%) — while primary goods (8.4%), intermediate goods (3.5%) and infrastructure/construction goods (1.5%) clocked an uptick.