India's industrial production grows by 5.7% in February

India's industrial production witnessed a growth of 5.7 per cent in February 2024, marking a positive trajectory for the manufacturing sector. The Index of Industrial Production (IIP) indicated a growth rate of 6 per cent in February 2023, reflecting a consistent performance over the years, official data released on Friday showed.

According to an official statement, the manufacturing sector recorded a growth rate of 5 per cent in February 2024, slightly lower than the 5.9 per cent growth observed in the corresponding period last year. The mining sector saw a notable growth of 8 per cent, while power output surged by 7.5 per cent during the same month, signalling broad-based expansion across various industrial segments.

The data, released by the National Statistical Office (NSO), highlighted the resilience of India's industrial landscape amidst economic fluctuations. Despite minor fluctuations, the IIP grew by 5.9 per cent during the period of April 2023 to February 2024, compared to a 5.6 per cent expansion during the same period in the previous year.

The consistent growth in industrial production reflects India's continued efforts to stimulate economic growth and enhance industrial efficiency.

(With PTI inputs)