IIP contracts 0.1% in August 2024; mining and electricity decline
On 11 October 2024, in India, the Quick Estimate of the Index of Industrial Production for August 2024 showed growth of (-)0.1%, against 4.7% in July 2024.
Summary
On 11 October 2024, in India, the Ministry of Statistics and Programme Implementation released the Quick Estimate of the Index of Industrial Production (IIP, base 2011-12=100) for August 2024: growth of (-)0.1%, compared with 4.7% in July 2024. Sector growth was (-)4.3% for mining, 1.0% for manufacturing and (-)3.7% for electricity; the release said the mining decline was likely due to heavy rainfall in August. The index stood at 145.6, against 145.8 in August 2023.
Key facts
- Released
- 11 Oct 2024
- IIP growth, Aug 2024
- (-)0.1% (July 2024: 4.7%)
- Mining / Manufacturing / Electricity
- (-)4.3% / 1.0% / (-)3.7%
- Index
- 145.6 (Aug 2023: 145.8)
- Base year
- 2011-12=100
Practice MCQs 3 questions
As per the Quick Estimate released on 11 October 2024, what was India's IIP growth rate for August 2024?
Show answer
Correct answer: D — (-)0.1 percent
MoSPI via PIB (11 Oct 2024): the IIP growth rate for August 2024 is (-)0.1 percent, against 4.7% in July 2024.
Which sector recorded the steepest decline in the IIP for August 2024, attributed likely to heavy rainfall?
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Correct answer: B — Mining
MoSPI via PIB (11 Oct 2024): mining grew (-)4.3 percent, the steepest fall; the decline is likely due to heavy rainfall in August 2024.
Consider the following statements about the IIP Quick Estimate for August 2024: 1. Manufacturing recorded negative growth. 2. The index for August 2024 was higher than in August 2023. Which of the statements given above is/are correct?
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Correct answer: D — Neither 1 nor 2
Neither statement is correct. MoSPI via PIB (11 Oct 2024): manufacturing grew 1.0 percent, and the index stood at 145.6 against 145.8 in August 2023.