The Business Bytes
NEW DELHI, APRIL 12, 2024 (TBB BUREAU): India’s industrial output witnessed a notable acceleration in February, recording a growth rate of 5.7%, as per data released by the Ministry of Statistics on Friday. This upturn comes after a slight slowdown to 3.8 per cent in January.
The manufacturing sector, a significant source of employment for young engineers and graduates, spearheaded this growth with a 5 per cent expansion during the month.
Furthermore, the mining sector saw a remarkable surge of 8 per cent, while electricity generation recorded a substantial growth of 7.5 per cent in February.
A closer look at user-based classification data reveals promising trends, particularly in the consumer durables segment. Output in this category, encompassing products like refrigerators, washing machines, and TVs, surged by an impressive 12.3%. This surge suggests a positive uptick in demand for consumer goods, reflecting the momentum of a burgeoning economy.
However, the growth in capital goods, comprising machinery pivotal for goods production and indicative of real investment in the economy, remained moderate at 1.2 per cent for the month.
