India industrial production Data: India’s industrial production grew to 3.1% in September 2024 driven primarily by gains in the manufacturing sector, the Ministry of Statistics & Programme Implementation (MoSPI) said on Tuesday (November 12).

The factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 6.4% in September 2023. However, it was in negative territory in August 2024 at (-) 0.1%.

“The IIP growth rate for the month of September 2024 is 3.1% which was (-) 0.1% in the month of August 2024,” an official statement said.

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The data released by the National Statistics Office (NSO) showed that the growth in mining, manufacturing and electricity for September 2024 stood at 0.2%, 3.9% and 0.5%, respectively. In April-September this fiscal, the IIP grew 4% against 6.2% in the year-ago period.

Nikhil Gupta, Chief Economist at Motilal Oswal Group, highlighted the subdued industrial output during CNBC-TV18’s special coverage, stating, “3.1% IIP implies that IIP growth was only 2.6% in the quarter ending September. Manufacturing sector growth was 3.1%, much lower than above 4% that we have seen in previous quarters.”

He attributed this slowdown to reduced corporate growth and expects Q2 GDP and GVA growth of around 6.2% and 6.4%, which he describes as “much weaker than market and RBI expectations.”