The Index of Industrial Production (IIP) in India witnessed a contraction of 0.1 per cent in August on an annual basis against a growth of 4.7 per cent in July, as per data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.
The three major components of IIP, including mining, manufacturing and electricity, witnessed a contraction of 4.2 per cent, growth of 1 per cent and contraction of 3.7 per cent, respectively.
“It is likely that the decline in the growth of Mining sector is due to heavy rainfall in the month of August 2024,” the official press release stated.
The corresponding growth rates of IIP as per Use-based classification in August 2024 over August 2023 stood at (-)2.6 percent in Primary goods, 0.7 percent in Capital goods, 3.0 percent in Intermediate goods, 1.9 percent in Infrastructure/ Construction Goods, 5.2 percent in Consumer durables and (-)4.5 percent in Consumer non-durables, respectively.