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QUICK ESTIMATE OF INDEX OF INDUSTRIAL PRODUCTION AND USE-BASED INDEX FOR THE MONTH OF MAY 2024
(BASE 2011-12=100)
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. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
Key Highlights:
Indices
(i) For the month of May 2024, the Quick Estimates of IIP with base 2011-12 stands at 154.2 against 145.6 in May 2023. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2024 stand at 136.5, 149.7 and 229.3 respectively.
(ii) As per Use-based classification, the indices stand at 160.9 for Primary Goods, 105.2 for Capital Goods, 160.8 for Intermediate Goods and 185.1 for Infrastructure/ Construction Goods for the month of May 2024. Further, the indices for Consumer durables and Consumer non-durables stand at 129.8 and 153.3 respectively for the month of May 2024.
Growth Rate (Y-o-Y)
(i) The IIP growth rate for the month of May 2024 over the corresponding period of previous year is 5.9 percent. The IIP growth rate in May 2023 was 5.7 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of May 2024 over May 2023 are 6.6 percent, 4.6 percent and 13.7 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of May 2024 are – “Manufacture of basic metals” (7.8%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (7.5%), and “Manufacture of electrical equipment” (14.7%).
(ii) The corresponding growth rates of IIP as per Use-based classification in May 2024 over May 2023 are 7.3 percent in Primary goods, 2.5 percent in Capital goods, 2.5 percent in Intermediate goods, 6.9 percent in Infrastructure/ Construction Goods, 12.3 percent in Consumer durables and 2.3 percent in Consumer non-durables (Statement III). Based on use-based classification, top three positive contributors to the growth of IIP for the month of May 2024 are – Primary goods, Consumer durables and Infrastructure/Construction goods.
(iii) Monthly Indices and Growth Rate (in %) of IIP for the last 13 months
3. Along with the Quick Estimates of IIP for the month of May 2024, the indices for April 2024 have undergone the first revision and those for February 2024 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for May 2024, the first revision for April 2024 and the final revision for February 2024 have been compiled at weighted response rates of 91 percent, 94 percent and 96 percent respectively.
4. Details of Quick Estimates of the Index of Industrial Production for the month of May 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.
5. Release of the Index for June 2024 will be on Monday, 12th August 2024.
Note: -
| STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION - SECTORAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Base: 2011-12=100) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| STATEMENT II: INDEX OF INDUSTRIAL PRODUCTION - (2-DIGIT LEVEL) |
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| (Base: 2011-12=100) |
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| Industry | Description | Weight | Index | Cumulative Index | Percentage growth# | ||||
| code |
|
| May'23 | May'24* | Apr-May* | May'24* | Apr-May* | ||
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|
| 2023-24 | 2024-25 |
| 2024-25 | |
| 10 | Manufacture of food products | 5.3025 | 123.2 | 116.4 | 130.5 | 118.3 | -5.5 | -9.3 | |
| 11 | Manufacture of beverages | 1.0354 | 124.1 | 134.2 | 116.7 | 128.0 | 8.1 | 9.7 | |
| 12 | Manufacture of tobacco products | 0.7985 | 83.7 | 87.8 | 75.4 | 74.5 | 4.9 | -1.2 | |
| 13 | Manufacture of textiles | 3.2913 | 107.4 | 106.7 | 106.5 | 105.6 | -0.7 | -0.8 | |
| 14 | Manufacture of wearing apparel | 1.3225 | 112.2 | 123.2 | 102.2 | 114.2 | 9.8 | 11.7 | |
| 15 | Manufacture of leather and related products | 0.5021 | 101.1 | 102.4 | 99.4 | 95.9 | 1.3 | -3.5 | |
| 16 | Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 0.1930 | 98.7 | 99.5 | 94.1 | 91.9 | 0.8 | -2.3 | |
| 17 | Manufacture of paper and paper products | 0.8724 | 77.9 | 81.9 | 78.9 | 79.1 | 5.1 | 0.3 | |
| 18 | Printing and reproduction of recorded media | 0.6798 | 88.7 | 86.2 | 88.7 | 85.0 | -2.8 | -4.2 | |
| 19 | Manufacture of coke and refined petroleum products | 11.7749 | 138.0 | 140.7 | 133.6 | 138.1 | 2.0 | 3.4 | |
| 20 | Manufacture of chemicals and chemical products | 7.8730 | 133.8 | 133.1 | 130.2 | 130.4 | -0.5 | 0.2 | |
| 21 | Manufacture of pharmaceuticals, medicinal chemical and botanical products | 4.9810 | 227.9 | 245.0 | 232.5 | 244.6 | 7.5 | 5.2 | |
| 22 | Manufacture of rubber and plastics products | 2.4222 | 112.7 | 111.7 | 109.5 | 109.9 | -0.9 | 0.4 | |
| 23 | Manufacture of other non-metallic mineral products | 4.0853 | 148.4 | 148.7 | 147.6 | 148.4 | 0.2 | 0.5 | |
| 24 | Manufacture of basic metals | 12.8043 | 206.3 | 222.4 | 204.1 | 220.6 | 7.8 | 8.1 | |
| 25 | Manufacture of fabricated metal products, except machinery and equipment | 2.6549 | 87.1 | 97.8 | 81.8 | 91.0 | 12.3 | 11.2 | |
| 26 | Manufacture of computer, electronic and optical products | 1.5704 | 115.1 | 138.2 | 113.3 | 126.2 | 20.1 | 11.4 | |
| 27 | Manufacture of electrical equipment | 2.9983 | 106.6 | 122.3 | 106.6 | 116.2 | 14.7 | 9.0 | |
| 28 | Manufacture of machinery and equipment n.e.c. | 4.7653 | 116.2 | 118.2 | 112.0 | 113.1 | 1.7 | 1.0 | |
| 29 | Manufacture of motor vehicles, trailers and semi-trailers | 4.8573 | 126.1 | 133.9 | 119.5 | 130.1 | 6.2 | 8.9 | |
| 30 | Manufacture of other transport equipment | 1.7763 | 131.2 | 153.2 | 125.4 | 146.8 | 16.8 | 17.1 | |
| 31 | Manufacture of furniture | 0.1311 | 179.9 | 221.6 | 162.3 | 215.5 | 23.2 | 32.8 | |
| 32 | Other manufacturing | 0.9415 | 79.2 | 72.4 | 83.5 | 84.8 | -8.6 | 1.6 | |
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| 05 | Mining | 14.3725 | 128.1 | 136.5 | 125.4 | 133.7 | 6.6 | 6.6 | |
| 10-32 | Manufacturing | 77.6332 | 143.1 | 149.7 | 141.0 | 147.0 | 4.6 | 4.3 | |
| 35 | Electricity | 7.9943 | 201.6 | 229.3 | 197.0 | 220.7 | 13.7 | 12.0 | |
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| General Index | 100.00 | 145.6 | 154.2 | 143.2 | 151.0 | 5.9 | 5.4 | |
* Figures for May’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)
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| * Figures for May 2024 are Quick Estimates. |
| NOTE: Indices for the months of Feb'24 and Apr'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)
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* Figures for May’24 are Quick Estimates.
NOTE: Indices for the months of Feb'24 and Apr'24 incorporate updated production data.
