June 2024 IIP Data Released: IIP Growth Stood at 4.2%

The Quick Estimates of the Index of Industrial Production (IIP) are released monthly on the 12th or the preceding workday if the 12th falls on a holiday. These estimates, which are compiled with a six-week lag, are based on data collected from source agencies, who, in turn, receive the data from producing factories and establishments. To ensure accuracy, these Quick Estimates undergo revisions in subsequent releases according to the IIP’s revision policy.

Key Highlights

• Indices: For June 2024, the IIP (base 2011-12) stood at 150.0, up from 143.9 in June 2023. The mining, manufacturing, and electricity sectors recorded indices of 134.9, 145.3, and 222.8, respectively.
• Use-Based Classification: The indices for primary goods, capital goods, intermediate goods, and infrastructure/construction goods were 156.0, 110.0, 159.0, and 178.4, respectively. Consumer durables and non-durables stood at 126.9 and 144.6.
• Growth Rate (Y-o-Y): The IIP grew by 4.2% in June 2024 compared to the previous year. Mining, manufacturing, and electricity sectors grew by 10.3%, 2.6%, and 8.6%, respectively. Within manufacturing, key contributors included “Manufacture of basic metals” (4.9%), “Manufacture of electrical equipment” (28.4%), and “Manufacture of motor vehicles, trailers, and semi-trailers” (4.1%).
• Use-Based Growth: Primary goods, capital goods, intermediate goods, infrastructure/construction goods, consumer durables, and consumer non-durables grew by 6.3%, 2.4%, 3.1%, 4.4%, 8.6%, and -1.4%, respectively.
• Revisions: Along with the Quick Estimates for June 2024, the indices for May 2024 underwent a first revision, and those for March 2024 underwent a final revision based on updated data. The weighted response rates for these revisions were 93%, 95%, and 96%, respectively.

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