The manufacturing sector, which provides quality jobs to young graduates coming out of the country's universities and engineering institutes, registered a growth of 5.2 per cent during the month.
Electricity generation grew by 8.6 percent during the month while the mining sector lagged behind at a growth rate of 1.2 percent.
Within the manufacturing sector, the growth rates of the top three positive contributors to IIP growth were: “Manufacturing of basic metals” (7.7 percent), “Manufacturing of pharmaceuticals, medicinal chemicals and botanical products” (16.7 percent), and “Manufacturing of other transport equipment.” (25.4 percent).
The corresponding growth rate of IIP as per Mark's use-based classification shows that the production of capital goods, which constitutes machines installed in factories, grew by 6.1 per cent. The production of capital goods reflects real investment in the economy and bodes well for further economic growth.
Similarly, production of consumer durables such as refrigerators, washing machines and TVs recorded a strong growth of 9.5 per cent during March, reflecting a surge in consumer demand stemming from rising incomes and jobs.
The cumulative industrial growth rate for the period April-March 2023-24 is 5.8 percent over the same period last year.
The cumulative growth rates of the three sectors, mining, power manufacturing for the period April-March 2023-24 compared to the same period last year are 7.5 per cent, 5.5 per cent and 7.1 per cent respectively.
Commenting on the data, ICRA Chief Economist Aditi Nair said the secondary growth was led by strong expansion in electricity, increased demand due to rising temperatures and modest growth in mining output.
"Encouragingly, manufacturing growth reached its highest level in five months," he said.
Electricity generation grew by 8.6 percent during the month while the mining sector lagged behind at a growth rate of 1.2 percent.
Within the manufacturing sector, the growth rates of the top three positive contributors to IIP growth were: “Manufacturing of basic metals” (7.7 percent), “Manufacturing of pharmaceuticals, medicinal chemicals and botanical products” (16.7 percent), and “Manufacturing of other transport equipment.” (25.4 percent).
The corresponding growth rate of IIP as per Mark's use-based classification shows that the production of capital goods, which constitutes machines installed in factories, grew by 6.1 per cent. The production of capital goods reflects real investment in the economy and bodes well for further economic growth.
Similarly, production of consumer durables such as refrigerators, washing machines and TVs recorded a strong growth of 9.5 per cent during March, reflecting a surge in consumer demand stemming from rising incomes and jobs.
The cumulative industrial growth rate for the period April-March 2023-24 is 5.8 percent over the same period last year.
The cumulative growth rates of the three sectors, mining, power manufacturing for the period April-March 2023-24 compared to the same period last year are 7.5 per cent, 5.5 per cent and 7.1 per cent respectively.
Commenting on the data, ICRA Chief Economist Aditi Nair said the secondary growth was led by strong expansion in electricity, increased demand due to rising temperatures and modest growth in mining output.
"Encouragingly, manufacturing growth reached its highest level in five months," he said.
