India’s industrial output up 4.9% y/y
NEW DELHI: India’s industrial output in March rose a weaker than expected 4.9 per cent year-on-year amid slower growth in mining activity, government data showed.
Economists polled by Reuters had expected industrial output to rise 5.1 per cent. Industrial output rose 1.9 per cent in the same month a year ago.
Industrial output growth for February was revised down to 5.6 per cent from 5.7 per cent.
Manufacturing output in March rose 5.2 per cent year-on-year, faster than 1.5 per cent in the same month the previous year. Mining activity increased 1.2 per cent, compared with a 6.8 per cent rise in the same month a year earlier, the data showed.
Electricity generation in March was up 8.6 per cent, against a fall of 1.6 per cent in the corresponding month a year earlier.
Industrial output in the fiscal year that ended March was up 5.8 per cent, against a 5.2 per cent rise in the same period a year earlier.
Output of consumer durables, such as automobiles, fridges and washing machines, increased 9.5 per cent year-on-year in March against an 8 per cent fall in March 2023.
Consumer non-durables increased 4.9 per cent year on year, against a decline of 1.9 per cent in the same month last year.
Growth in consumer durables and nondurables should be sustained as the winter sown crop is expected to be good “and along with the wedding season should fuel spending in April and May,” said Madan Sabnavis, who is an economist at Bank of Baroda.
Production of infrastructure goods rose 6.9 per cent year on year against 7.2 per cent growth in the same month last year.
Capital goods expanded at 6.1 per cent versus an 10 per cent increase a year ago.