India's Index of Industrial Production (IIP) bounced back with an expansion of 3.1 per cent in September as against a contraction of 0.1 per cent in August, according to data released by the Ministry of Statistics on Tuesday.
The manufacturing output, which accounts for more than three-fourths of the index of industrial production (IIP), recorded a growth of 3.9 per cent year-on-year in September. The sector plays a key role in providing quality jobs to the young graduates passing out from the country's engineering institutes and universities.
"Within the manufacturing sector, the top three positive contributors for the month of September 2024 are – 'Manufacture of coke and refined petroleum products' (5.3 per cent), 'Manufacture of basic metals' (2.5 per cent), and 'Manufacture of electrical equipment' (18.7 per cent)," an official statement said.
Electricity generation grew 0.5 per cent during the month and mining activity increased by 0.2 per cent, the data showed.
For the April-September period, the growth in industrial production now works out to 4 per cent, compared to a revised 6.2 per cent in the same period a year earlier. The figures based on user classification show that the production of capital goods which comprise machines used in factories went up by 2.8 per cent. This segment reflects the real investment taking place in the economy which has a multiplier effect on the creation of jobs and incomes going ahead.
There was also a 6.5 per cent increase in the production of consumer durables such as electronic goods, refrigerators, and TVs during September reflecting the higher consumer demand for these items amid rising incomes. The output of consumer non-durables such as soaps and cosmetics went up by a modest 2.0 per cent during the month. The output of intermediate goods went up by 4.2 per cent during the month while there was an increase of 3.3 per cent in Infrastructure/ Construction Goods during September compared to the same month of the previous year, the figures further showed.
(With inputs from IANS)
