India’s industrial sector continued its steady pace of expansion in October 2024, according to the latest data released by the Ministry of Statistics and Programme Implementation. The country’s Index of Industrial Production (IIP) grew by 3.5% in October 2024, building on the 3.1% growth recorded in September 2024. These figures suggest a sustained recovery across major industry segments, with both manufacturing and mining activities gaining momentum.
Sector-Wise Performance
Breaking down October’s data, the IIP rose to 149.9 from 144.9 in the same month last year, reflecting healthy growth trends. Manufacturing led the pack with a 4.1% increase among the three primary sectors. Mining operations advanced by 0.9%, while electricity generation recorded a 2.0% uptick. Together, these improvements underscore the broad-based nature of India’s industrial strengthening.
Within manufacturing—often considered the backbone of the industrial economy—18 out of 23 industry groups posted year-on-year growth. Particularly noteworthy were:
- Manufacture of basic metals (3.5% growth): Key contributors included items such as steel pipes and tubes, galvanized steel products, and mild steel bars and rods.
- Manufacture of electrical equipment (33.1% growth): The strong expansion in this category came from products like electric heaters, small transformers, and optical fibre connectors.
- Manufacture of coke and refined petroleum products (5.6% growth): Fuels and related products such as petrol, aviation turbine fuel (ATF), and liquefied petroleum gas (LPG) were the main drivers here.
Use-Based Classification Insights
The IIP is also categorized by end-use, providing insights into demand patterns and the downstream health of the economy. In October 2024, the indices for various use-based categories were as follows:
- Primary Goods: 149.9 (2.6% growth)
- Capital Goods: 109.4 (3.1% growth)
- Intermediate Goods: 163.4 (3.7% growth)
- Infrastructure/Construction Goods: 183.0 (4.0% growth)
- Consumer Durables: 130.2 (5.9% growth)
- Consumer Non-Durables: 146.3 (2.7% growth)
These figures reveal an encouraging pattern. The improvement in capital goods suggests a more confident investment environment, which typically translates into robust growth prospects for the months ahead. Meanwhile, strong gains in consumer durables point to rising household spending on long-lasting items, often an indicator of improved consumer sentiment.
Data Reliability and Future Releases
The Quick Estimates of IIP are published with a six-week lag, ensuring data quality and accuracy. Alongside October’s estimates, the government has also released revisions for previous months, incorporating updated information from producing factories and establishments. Notably, the weighted response rates for October, September, and July 2024 stand at 96%, 94%, and 91% respectively, reflecting the reliability of the data collection process.
Looking ahead, industrial stakeholders can mark their calendars for the next release on January 10, 2025, when the estimates for November 2024 will become available. As global conditions continue to evolve and domestic policy support remains in focus, the IIP will serve as a critical barometer of India’s industrial health and resilience.
The October 2024 industrial production figures present a positive narrative, showing a steady, broad-based expansion across multiple sectors and use-based categories. With manufacturing, mining, and electricity all contributing, and with capital goods and consumer durables on an upswing, India’s industrial landscape appears poised for sustained growth in the near term.