India's industrial production rises 3.1% year-on-year in September

By Kim Joo-heon Posted : November 14, 2024, 14:12 Updated : November 14, 2024, 14:12
This photo shows buildings in Mumbai Maharashtra Getty Images Bank
This photo shows buildings in Mumbai, Maharashtra. Getty Images Bank
SEOUL, November 14 (AJP) - India's industrial output grew 3.1 percent in September from a year earlier, exceeding market expectations amid rebounds in manufacturing and mining sectors, government data showed Wednesday.

The Industrial Production Index (IIP) rose to 146.7 from 142.3 in September 2023, according to the Ministry of Statistics. The growth surpassed analysts' forecast of 2.5 percent.

The September increase marks a recovery from August's 0.1 percent decline, which had been the first contraction since October 2022. In July, industrial production had grown 4.7 percent.

Manufacturing led the September gains with a 3.9 percent year-on-year increase, while electricity production rose 0.5 percent and mining expanded 0.2 percent. Both electricity and mining sectors rebounded from August declines of 3.7 percent and 4.3 percent, respectively.

However, the growth rates were slower compared to September 2023, when manufacturing had surged 5.1 percent, electricity 9.9 percent, and mining 11.5 percent.

Credit rating agency ICRA projects industrial production to grow 3-4 percent in October as India enters its festive season.
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