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QUICK ESTIMATE OF INDEX OF INDUSTRIAL PRODUCTION AND USE-BASED INDEX FOR THE MONTH OF MARCH 2024
(BASE 2011-12=100)
For the month of March 2024, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2024 stand at 156.1, 155.1 and 204.2 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments.
The IIP growth rates for the month of March 2024 over the corresponding period of previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2024 over March 2023 are 1.2 percent, 5.2 percent and 8.6 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).
The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8 percent. The cumulative growth rates of the three sectors, Mining, Manufacturing and Electricity for the period of April-March 2023-24 over the corresponding period of the previous year are 7.5 percent, 5.5 percent and 7.1 percent respectively.
As per Use-based classification, the indices stand at 162.2 for Primary Goods, 130.5 for Capital Goods, 167.5 for Intermediate Goods and 194.2 for Infrastructure/ Construction Goods for the month of March 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.9 and 154.7 respectively for the month of March 2024.
The corresponding growth rates of IIP as per Use-based classification in March 2024 over March 2023 are 2.5 percent in Primary goods, 6.1 percent in Capital goods, 5.1 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 9.5 percent in Consumer durables and 4.9 percent in Consumer non-durables (Statement III).
Details of Quick Estimates of the Index of Industrial Production for the month of March 2024 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 12 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.
Along with the Quick Estimates of IIP for the month of March 2024, the indices for February 2024 have undergone the first revision and those for December 2023 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for March 2024, the first revision for February 2024 and the final revision for December 2023 have been compiled at weighted response rates of 93 percent, 95 percent and 96 percent respectively.
Note:
| STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION - SECTORAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Base: 2011-12=100) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| * Figures for Mar’24 are Quick Estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| #The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STATEMENT II: INDEX OF INDUSTRIAL PRODUCTION - (2-DIGIT LEVEL) |
| ||||||||
| (Base: 2011-12=100) |
| ||||||||
| Industry code | Description | Weight | Index | Cumulative Index | Percentage growth # | ||||
|
|
| Mar'23 | Mar'24* | Apr-Mar* | Mar'24* | Apr-Mar* | |||
|
|
|
|
|
| 2022-23 | 2023-24 |
| 2023-24 | |
| 10 | Manufacture of food products | 5.3025 | 147.2 | 141.5 | 132.4 | 134.2 | -3.9 | 1.4 | |
| 11 | Manufacture of beverages | 1.0354 | 123.5 | 124.0 | 105.5 | 110.9 | 0.4 | 5.1 | |
| 12 | Manufacture of tobacco products | 0.7985 | 95.5 | 78.4 | 88.4 | 81.2 | -17.9 | -8.1 | |
| 13 | Manufacture of textiles | 3.2913 | 110.2 | 109.3 | 107.5 | 108.0 | -0.8 | 0.5 | |
| 14 | Manufacture of wearing apparel | 1.3225 | 133.1 | 143.1 | 127.9 | 109.8 | 7.5 | -14.2 | |
| 15 | Manufacture of leather and related products | 0.5021 | 106.2 | 95.3 | 96.0 | 94.9 | -10.3 | -1.1 | |
| 16 | Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 0.1930 | 108.1 | 111.5 | 104.5 | 98.3 | 3.1 | -5.9 | |
| 17 | Manufacture of paper and paper products | 0.8724 | 83.1 | 83.2 | 82.4 | 79.4 | 0.1 | -3.6 | |
| 18 | Printing and reproduction of recorded media | 0.6798 | 91.7 | 93.2 | 90.6 | 89.5 | 1.6 | -1.2 | |
| 19 | Manufacture of coke and refined petroleum products | 11.7749 | 141.1 | 139.6 | 128.0 | 132.7 | -1.1 | 3.7 | |
| 20 | Manufacture of chemicals and chemical products | 7.8730 | 130.1 | 129.7 | 129.3 | 127.1 | -0.3 | -1.7 | |
| 21 | Manufacture of pharmaceuticals, medicinal chemical and botanical products | 4.9810 | 194.7 | 227.3 | 216.2 | 233.4 | 16.7 | 8.0 | |
| 22 | Manufacture of rubber and plastics products | 2.4222 | 110.2 | 116.6 | 104.5 | 109.1 | 5.8 | 4.4 | |
| 23 | Manufacture of other non-metallic mineral products | 4.0853 | 152.8 | 164.6 | 135.3 | 144.3 | 7.7 | 6.7 | |
| 24 | Manufacture of basic metals | 12.8043 | 214.0 | 230.5 | 191.9 | 213.9 | 7.7 | 11.5 | |
| 25 | Manufacture of fabricated metal products, except machinery and equipment | 2.6549 | 95.4 | 114.8 | 85.3 | 92.5 | 20.3 | 8.4 | |
| 26 | Manufacture of computer, electronic and optical products | 1.5704 | 134.1 | 132.7 | 137.2 | 121.6 | -1.0 | -11.4 | |
| 27 | Manufacture of electrical equipment | 2.9983 | 108.7 | 123.9 | 99.3 | 106.7 | 14.0 | 7.5 | |
| 28 | Manufacture of machinery and equipment n.e.c. | 4.7653 | 141.3 | 144.9 | 113.5 | 120.8 | 2.5 | 6.4 | |
| 29 | Manufacture of motor vehicles, trailers and semi-trailers | 4.8573 | 122.4 | 130.5 | 114.5 | 127.8 | 6.6 | 11.6 | |
| 30 | Manufacture of other transport equipment | 1.7763 | 139.2 | 174.5 | 127.0 | 144.6 | 25.4 | 13.9 | |
| 31 | Manufacture of furniture | 0.1311 | 210.9 | 276.3 | 204.1 | 190.0 | 31.0 | -6.9 | |
| 32 | Other manufacturing | 0.9415 | 108.5 | 89.9 | 90.9 | 85.3 | -17.1 | -6.2 | |
|
|
| ||||||||
| 05 | Mining | 14.3725 | 154.2 | 156.1 | 119.9 | 128.9 | 1.2 | 7.5 | |
| 10-32 | Manufacturing | 77.6332 | 147.5 | 155.1 | 137.1 | 144.6 | 5.2 | 5.5 | |
| 35 | Electricity | 7.9943 | 188.0 | 204.2 | 185.2 | 198.3 | 8.6 | 7.1 | |
|
|
| ||||||||
|
| General Index | 100.00 | 151.7 | 159.2 | 138.5 | 146.6 | 4.9 | 5.8 | |
| * Figures for Mar’24 are Quick Estimates. | |||||||||
| #The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020 | |||||||||
| STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION - USE-BASED | ||||||||||||
| (Base :2011-12=100) | ||||||||||||
|
| Primary goods | Capital goods | Intermediate goods | Infrastructure/ Construction goods | Consumer durables | Consumer non-durables | ||||||
| Month | (34.048612) | (8.223043) | (17.221487) | (12.338363) | (12.839296) | (15.329199) | ||||||
|
| 2022-23 | 2023-24 | 2022-23 | 2023-24 | 2022-23 | 2023-24 | 2022-23 | 2023-24 | 2022-23 | 2023-24 | 2022-23 | 2023-24 |
| Apr | 139.5 | 142.2 | 88.5 | 92.4 | 149.5 | 152.0 | 149.7 | 169.8 | 110.7 | 108.1 | 138.9 | 154.7 |
| May | 144.7 | 149.9 | 94.9 | 102.6 | 151.7 | 156.9 | 153.3 | 173.2 | 113.9 | 115.6 | 137.5 | 149.8 |
| Jun | 139.3 | 146.7 | 104.4 | 107.4 | 146.6 | 154.2 | 150.8 | 170.9 | 125.3 | 116.8 | 145.9 | 146.7 |
| Jul | 131.7 | 141.8 | 97.1 | 102.1 | 149.0 | 153.8 | 151.3 | 170.3 | 121.4 | 117.0 | 141.7 | 153.5 |
| Aug | 129.4 | 145.4 | 95.0 | 107.4 | 146.6 | 157.4 | 152.8 | 176.8 | 116.2 | 123.2 | 134.9 | 148.3 |
| Sep | 128.5 | 138.8 | 103.9 | 112.6 | 145.3 | 154.2 | 156.9 | 172.8 | 123.8 | 125.0 | 138.9 | 142.6 |
| Oct | 131.2 | 146.1 | 87.2 | 106.1 | 143.8 | 157.5 | 156.2 | 175.9 | 106.1 | 123.0 | 130.3 | 142.4 |
| Nov | 132.6 | 143.8 | 99.1 | 98.0 | 146.3 | 151.3 | 161.7 | 164.2 | 111.9 | 106.5 | 162.7 | 157.2 |
| Dec | 145.0 | 151.9 | 100.1 | 103.8 | 154.1 | 159.8 | 170.9 | 180.3 | 108.8 | 114.5 | 174.4 | 179.7 |
| Jan | 149.9 | 154.2 | 104.9 | 108.5 | 155.6 | 163.8 | 176.9 | 186.7 | 108.8 | 121.7 | 164.4 | 164.0 |
| Feb | 139.9 | 148.2 | 104.9 | 106.0 | 145.1 | 157.7 | 165.7 | 179.8 | 108.3 | 121.7 | 154.8 | 149.4 |
| Mar* | 158.3 | 162.2 | 123.0 | 130.5 | 159.4 | 167.5 | 181.7 | 194.2 | 118.6 | 129.9 | 147.5 | 154.7 |
| Average | ||||||||||||
|
| ||||||||||||
| Apr-Mar | 139.2 | 147.6 | 100.3 | 106.5 | 149.4 | 157.2 | 160.7 | 176.2 | 114.5 | 118.6 | 147.7 | 153.6 |
| Growth over the corresponding period of previous year# | ||||||||||||
| Mar* | 3.3 | 2.5 | 10.0 | 6.1 | 1.8 | 5.1 | 7.2 | 6.9 | -8.0 | 9.5 | -1.9 | 4.9 |
|
| ||||||||||||
| Apr-Mar | 7.5 | 6.0 | 13.1 | 6.2 | 3.8 | 5.2 | 8.4 | 9.6 | 0.6 | 3.6 | 0.7 | 4.0 |
| * Figures for Mar’24 are Quick Estimates. | ||||||||||||
| NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data. | ||||||||||||
| #The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020 | ||||||||||||
STATEMENT IV: MONTHLY INDEX OF INDUSTRIAL PRODUCTION - (2-DIGIT LEVEL) | ||||||||||||||
(Base: 2011-12=100) | ||||||||||||||
Indcode | Description | Weight | Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24* |
10 | Manufacture of food products | 5.3025 | 137.8 | 123.2 | 113.6 | 121.6 | 123.9 | 114.6 | 123.5 | 141.5 | 160.8 | 157.7 | 151.0 | 141.5 |
11 | Manufacture of beverages | 1.0354 | 109.2 | 124.1 | 125.0 | 109.4 | 103.4 | 101.6 | 99.6 | 100.7 | 101.3 | 112.4 | 120.0 | 124.0 |
12 | Manufacture of tobacco products | 0.7985 | 67.1 | 83.7 | 93.8 | 71.8 | 81.4 | 89.8 | 82.7 | 79.8 | 82.7 | 85.6 | 77.5 | 78.4 |
13 | Manufacture of textiles | 3.2913 | 105.6 | 107.4 | 107.8 | 108.5 | 107.1 | 108.4 | 110.2 | 102.7 | 112.3 | 111.2 | 105.7 | 109.3 |
14 | Manufacture of wearing apparel | 1.3225 | 92.1 | 112.2 | 120.1 | 103.9 | 97.8 | 102.4 | 97.8 | 92.9 | 113.1 | 116.6 | 125.4 | 143.1 |
15 | Manufacture of leather and related products | 0.5021 | 97.7 | 101.1 | 103.4 | 95.1 | 92.4 | 91.8 | 91.1 | 78.8 | 95.9 | 99.5 | 96.5 | 95.3 |
16 | Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 0.1930 | 89.4 | 98.7 | 98.0 | 98.4 | 98.5 | 108.1 | 93.7 | 87.6 | 97.7 | 96.5 | 101.8 | 111.5 |
17 | Manufacture of paper and paper products | 0.8724 | 79.8 | 77.9 | 81.3 | 82.1 | 82.3 | 78.5 | 78.5 | 73.3 | 78.1 | 79.1 | 78.6 | 83.2 |
18 | Printing and reproduction of recorded media | 0.6798 | 88.6 | 88.7 | 88.7 | 89.0 | 91.0 | 87.5 | 87.0 | 84.1 | 95.5 | 90.8 | 89.4 | 93.2 |
19 | Manufacture of coke and refined petroleum products | 11.7749 | 129.1 | 138.0 | 133.5 | 131.9 | 131.7 | 122.4 | 125.7 | 132.9 | 141.9 | 134.6 | 131.2 | 139.6 |
20 | Manufacture of chemicals and chemical products | 7.8730 | 126.6 | 133.8 | 130.5 | 128.6 | 126.8 | 123.6 | 126.5 | 119.5 | 127.5 | 127.7 | 124.8 | 129.7 |
21 | Manufacture of pharmaceuticals, medicinal chemical and botanical products | 4.9810 | 237.0 | 227.9 | 225.3 | 244.5 | 225.9 | 220.1 | 212.8 | 244.3 | 286.3 | 244.0 | 205.0 | 227.3 |
22 | Manufacture of rubber and plastics products | 2.4222 | 106.3 | 112.7 | 106.5 | 107.7 | 108.5 | 106.5 | 109.0 | 105.1 | 106.9 | 111.7 | 111.2 | 116.6 |
23 | Manufacture of other non-metallic mineral products | 4.0853 | 146.7 | 148.4 | 149.5 | 134.0 | 142.5 | 132.8 | 140.5 | 127.0 | 147.1 | 149.2 | 148.9 | 164.6 |
24 | Manufacture of basic metals | 12.8043 | 201.9 | 206.3 | 203.4 | 209.4 | 217.4 | 213.6 | 217.2 | 207.3 | 220.2 | 226.2 | 213.2 | 230.5 |
25 | Manufacture of fabricated metal products, except machinery and equipment | 2.6549 | 76.4 | 87.1 | 86.7 | 83.8 | 100.0 | 97.1 | 92.8 | 81.0 | 98.1 | 96.9 | 95.7 | 114.8 |
26 | Manufacture of computer, electronic and optical products | 1.5704 | 111.5 | 115.1 | 121.9 | 118.6 | 131.4 | 149.4 | 123.1 | 96.7 | 111.6 | 121.0 | 126.1 | 132.7 |
27 | Manufacture of electrical equipment | 2.9983 | 106.6 | 106.6 | 103.5 | 102.5 | 108.6 | 108.0 | 94.8 | 89.0 | 116.6 | 108.7 | 111.6 | 123.9 |
28 | Manufacture of machinery and equipment n.e.c. | 4.7653 | 107.7 | 116.2 | 123.7 | 119.9 | 126.3 | 127.0 | 123.3 | 109.1 | 115.5 | 116.5 | 119.8 | 144.9 |
29 | Manufacture of motor vehicles, trailers and semi-trailers | 4.8573 | 112.9 | 126.1 | 123.6 | 129.5 | 128.6 | 130.5 | 135.7 | 126.7 | 118.5 | 140.7 | 130.3 | 130.5 |
30 | Manufacture of other transport equipment | 1.7763 | 119.5 | 131.2 | 140.6 | 123.5 | 145.9 | 166.0 | 157.2 | 144.5 | 137.2 | 149.5 | 145.8 | 174.5 |
31 | Manufacture of furniture | 0.1311 | 144.7 | 179.9 | 183.0 | 190.6 | 189.5 | 185.1 | 176.8 | 144.5 | 197.4 | 199.2 | 212.6 | 276.3 |
32 | Other manufacturing | 0.9415 | 87.8 | 79.2 | 85.6 | 97.1 | 94.6 | 96.7 | 103.7 | 65.8 | 70.5 | 76.7 | 76.3 | 89.9 |
| | | | | | | | | | | | | | | |
5 | Mining | 14.3725 | 122.6 | 128.1 | 122.3 | 111.9 | 111.9 | 111.5 | 127.4 | 131.3 | 139.5 | 144.1 | 139.7 | 156.1 |
10-32 | Manufacturing | 77.6332 | 138.8 | 143.1 | 141.6 | 142.1 | 144.4 | 141.5 | 142.1 | 139.3 | 151.6 | 150.7 | 144.3 | 155.1 |
35 | Electricity | 7.9943 | 192.3 | 201.6 | 205.2 | 204.0 | 220.5 | 205.9 | 203.8 | 176.3 | 181.6 | 197.1 | 187.1 | 204.2 |
| | | | | | | | | | | | | | | |
| | General Index | 100.00 | 140.7 | 145.6 | 143.9 | 142.7 | 145.8 | 142.3 | 144.9 | 141.1 | 152.3 | 153.5 | 147.1 | 159.2 |
* Figures for Mar’24 are Quick Estimates.
NOTE: Indices for the months of Dec'23 and Feb'24 incorporate updated production data.
The Indices are to be interpreted considering the unusual circumstances on account of COVID 19 pandemic since March 2020
